GBP/USD Has Potential To Remain Bullish

There were a lot of wriggles and squiggles yesterday that made the analysis really tough to follow. However, the interesting outcome I seem to have noted is a stunted first half of a move that suggests a stronger follow-through – and this across several of the pairs. Given the very unusual structure I have to suggest that we need take a lot more care over today – and maybe through some of early next week. I had to work through a lot of data but could only come up with the result mentioned above. Still, I’d rather be cautious until the expected outcome begins to show through…

One other puzzle is how GBP/USD will relate to the other three major pairs. It has some potential to remain bullish but I really can’t be too confident until it begins to develop. This would be quite a conflict within the two groups – and would be quite an astounding development if they perge so dramatically. Therefore, I much prefer to remain neutral in this pair until it makes more definitive moves – whether up or down…

That the pullback higher in EUR/JPY has been so firm is not a surprise but does tend to risk a possible temporary disconnect with EUR/USD. This balancing act is something to observe in terms of the underlying expectations…

Finally, in the Aussie – a new high appears close but perhaps short-lived…

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