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Daily Observation: An important morning for the GBP

November 28, 2017

 

 

Good morning everyone!

 

Today, 28th of November 2017, is an important trading day for the GBP, we receive 3 key events in a short period of time.

 

Before I continue I want you to know that this post will be short and direct.

 

So today we have the following UK events,

 

  • UK bank stress tests at 07:00 Uk time together with the BoE financial stability report.

  • At 07:30 Mark Carney, the BoE Governor will hold a press conference about the financial stability report and the bank stress tests

 

The above events tend to provide volatility on the GBP and FTSE, I believe that this year they will provide much moro volatility than other years, with the effects of Brexit being felt a little I believe that this report will be special.

 

I will tell you right from the start what I am doing, I am buying the pound for this event. 

 

By reviewing a handful of GBP pairs and the FTSE I have come to the conclusion that the pound probably will gain, very well. 

 

Let's go over the pairs,

 

GBPUSD: The cable is using a massive weekly chart head and shoulders as its guiding light, if you review GBPUSD you will see it well on the weekly chart.

 

EURGBP: The pair has recently broken an important uptrend line and has tested it well for 3 consecutive days, including today. The technicals on EURGBP indicate to me that EURGBP will head lower. 

 

GBPAUD: The pair is sitting right at the top of an important uptrend line, you can what happens at key areas? They either act as a resistance or are broken and become supports. Check the weekly chart and you'll see what I mean.

 

GBPCAD: The pair is coming of a massive triple bottom, it is currently at a key trading level ubt it is not near the 30% reversal which stands at 1.72740 so the CAD should gain, but not right now. I think the pair will head to the 30% today/tomorrow.

 

Sine the news is coming out soon,  dont have the time to attach all the charts, I have however, released them in our Traders Chat Room and Alerts room.

 

I wish you all an excellent trading day and apologies for the short post.

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