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Using my platform as a Heatmap
Given the way markets have reacted to key events and economic data this week all we can say at this point is there will be a reaction to the U.S. jobs report, especially if there is a miss in either direction.
Looking at the Heatmap shows a focus in the JPY… USDJPY finding 150-152, as suggested, a sticky zone.
GBPJPY has bounced back above the key 188.00 level after a brief move below it.
Keep an eye on the U.S. 10-year bond yield post-data and a 4.40%~4.50% range
Look at his GBPUSDÂ 15 minute chart and tell me whether you would keep selling (as many did) when the red lines started building to the upside.
This is my Amazing Trader charting algo in action with a pattern that repeats itself qith any instrument that your broker has on its MT4 platfiorm.
Contact me for a free trial of a half price GTA discount access.
Here are BOE GOV Bailey’s comments… as we noted after the rate cut deciaion the 9-0 vote was a trigger to sell GBP. Bailey just downplayed it. As always, the reaction to the news is what matters.
Source: Newsquawk.com
EURGBP 4 HOUR CHART – MIND THE GAP
Continuing the pre-BOE rebound that started yesterday.
Entered the opening week gap, top still at .8355
.8345-55 looks like a sticky zone that includes the PIVOTAL 8350 level, which is so fat the high of the day..
Watch the cross for clues after the BOE decision.
GBPUSD 4 HOUR CHART – Waiting for the BOE
My only question is why was GBPUSD bid at this time yesterday with a rate cut looming today.
What caught my eye at this time was the Power of 50 level after a high at 1.25496, so there is a method to my madness.
Note, a clue of a vulnerable GBPUSD, as I pointed out yesterday was GBP weakness vs the EUR and JPY, evident again today.
Back to charts
Move below 1.2463 breaks the upward momentum… back above this level would put 1.25 in play again.
Below 1.2378 would shift the risk back to this week’s low.
Re the BOE, a rate cut is widely expected and will not be a surprise.
Using my planform as a HEATMAP
Dollar is trading firmerm except vs JPY… but well within this week’s wide ranges
USDJPY back above 152 after brief dip below this pivotal level
GBPUSD softer ahead of expected BOE rate cut (note GBPJPY, EURGBP)
Bond yields are higher after plunging yesterday
Stocks are trading slightly firmer
Gold has backed off from yesterday’s record 2882 high… indicator of tariff sentiment?
