Side note regarding how you approach markets to consider, I went on an 8 mile walk-sprint yesterday and was on a runners high by the time I got back to start looking at markets and had the sense to not trade because I was overly aggressive, positive spirits but quite animated. When you get like that it is best to wait for the next day when your energy is more balanced.
I do not like the thought of entertaining the sell side of UsdJpy until it is trading around 145 or higher so I am wiggling in and out of the buy side. The buying in EurUsd appears to be a log of backfill on to the sell side so my approach to this one is a want to see success or failure around the 1.1200 +/- area, so I am on the fence for today with Euro and more interested in Yen. The volatility has been better in Yen at lease for my way of doing things.
GBPUSD 4H
Supports : 1.31800, 1.31450 & 1.31300
Resistances : 1.32100, 1.32250 & 1.32600
Close of this bar below 1.31900 would signal some kind of a correction to the downside – or sideways to down.
However close above 1.32050 would hint a possibility of breaking above the resistance channel line at 1.32250 and continuation of this sharp Up trend.
Cable is in the Up Trend, and even deeper corrections ( 1.30 area) wouldn’t change it.
A look at the day ahead in U.S. and global markets by Dhara Ranasinghe.
Not for the first time, financial markets are reminded why it’s never a good idea to get too far ahead.
So, while Federal Reserve chief Jerome Powell’s much-awaited Jackson Hole speech on Friday fueled the rate-cut optimism that has aided stocks’ recovery from the early-August rout, the latest Middle East news highlights the need for caution.
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