Today I’m going to show you how the GBPUSD could set up for a massive drop in August.
I’ll talk technicals on the pound chart, and provide an update on the US Dollar Index, as that’s going to be a key driver for pairs like GBPUSD.
Watch the video below and scroll down for the annotated charts and analysis.
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GBPUSD recently broke down from an ascending channel after confirming a fakeout in mid-July.
I discussed that fakeout in a Weekly Forex Forecast video, mentioning that it could trigger a significant move lower.
With GBPUSD trading below the bottom of that channel near 1.2850, the odds of a further decline toward 1.2630 have increased.
However, trading GBPUSD with the US Dollar Index (DXY) caught between 102.00 and 102.80 is less than ideal.
I don’t want to short the dollar while the DXY is above that 102.00 handle.
And at the same time, longing the dollar into the 102.80 confluence of resistance is risky, to say the least.
Like most of the majors, the future direction for GBPUSD hinges on which way the DXY breaks from the current 102.00 to 103.00 range.
Watch the video above for all of the details.
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