The GBPUSD pair has fallen again as we continue to see plenty of negativity out there, and perhaps recovery of this massive shot higher.
is hanging around the 1.15 level, so I think now it does make quite a bit of sense that we would see negativity in that area. The market breaking above all of that would be a very bullish sign, but I think it’s also very unlikely to happen. We have the Non-Farm Payroll announcement coming out on Friday, which will have a major influence on the US dollar.As far as the British pound is concerned, we already know what a mess the United Kingdom is going to be this winter.
Pay close attention to the interest rates in the United States, because if they start to spike again, it’s likely that this pair will drop rather drastically. Based on the technical analysis, I think that we are going to test the lows again, although I look at this as a situation where I am more than willing to fade short-term rallies showing signs of hesitation. In fact, I don’t really have a scenario in which I’m willing to buy this pair until the Federal Reserve explicitly pivots. Yes, Wall Street will occasionally try to convince itself that the monetary policy is about to change, but the reality of course is much different.
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