Pound Gives Up Early Gains After FOMC
If we were to break down below there, then the market is going to test the 1.34 handle, and then perhaps even down to the 1.32 level. At this point, the market has been a bit overdone in the short term, but it is likely to continue seeing plenty of noisy behavior. It is going to confirm the “false breakout narrative” that I had been talking about over the last couple of days.
If we did turn around, it is not until we break out well above the 200 day EMA that I would consider buying, and I would also need to see a bit of US dollar selling across the board in order to do so. The British pound had been one of the outliers when it comes to currencies against the greenback, so it may fall a little slowly in comparison to some others, but it is likely that we would see this market drift lower regardless.
I think that the US dollar will continue to strengthen, so you have to keep it in the back of your mind and understand that this is a scenario where a little bit of patience probably goes a long way.Top Forex Brokers
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