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June 24, 2021

GBP- Hottest Market Moves

Frank Cabibi

6/24/2021

British pound pairs are moving the most today as the monetary policy statement causes lot of volatility. The pound is down today off the news and moving pairs as much as .70% on the day. GBP's bank rates were able to stay the same while setting policy to reach their 2% inflation target. However, the statement mentions that the number of vacant job positions have risen above pre-pandemic numbers.

GBPNZD

GBPNZD 4H

GN down .68% at the time of writing this as price comes closer to support on its 200 SMA on the 4H timeframe. Price also touched to a lower low on this timeframe which could suggest further bearish movement. Additional support lies around 1.96084.

GBPJPY

GBPJPY 4H

GJ on the 4H has a few clean setups that I like. Price bounced cleanly off support around 153.800s leaving a considerably long wick on the last 4H candle. There is also a very clear falling trend line that price has respected roughly 7 times so far. Heavy consolidation could occur between this trend line and support since they act as key levels.

GBPAUD

GBPAUD 4H

Price crossed under a supportive trend line as it falls to more support around 1.83474. Price may continue to fall after this lower low and touch a 200 SMA on this timeframe. This pair, however, looks the weakest in terms of technical analysis, and it seems more likely to continue to fall than rise in the short term.

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