Have GBPUSD sellers lost control this week?
I’ll have all the details in today’s video, including whether shorts still make sense here, key levels to watch, and some potential targets.
I also provide an update on the US Dollar Index (DXY).
GBPUSD is trading above 1.2685 today for the first time since June 19th.
But have sellers lost control?
Put differently, is it time to buy GBPUSD?
That’s premature, in my opinion, simply because the pound remains below its 2021 trend line at 1.2780.
So, any longs at current levels would be buying into key resistance.
Today’s rally looks relatively bullish, so I don’t think this is necessarily a short either.
But labeling GBPUSD as bullish without a sustained break above 1.2780 is premature, at least in my opinion.
The same goes for calling the DXY bearish while above channel support near 105.15.
If that area fails this week, then the US dollar could be in trouble.
But until then, I’ll remain cautiously bullish on the USD.
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