$GBPUSD Continues to Threaten a Breakout - forextrading Pound BULLISH forex
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The question now is whether Jerome Powell makes that happen after his speech on Wednesday after the Federal Reserve is more likely than not going to raise rates.has rallied significantly over the last several weeks, but during the day on Thursday, has seen a lot of choppy behavior with a 1.24 level offering resistance.resistanceThat obviously is a large, round, psychologically significant figure, and therefore think a lot of people will be paying close attention to it.
You can see that I have a yellow line drawn on the chart, it does suggest that we are in some type of rounding bottom as well, but you can also make an argument for a double top. Haven’t kicked off the double top yet, but if we get some type of negative momentum all of a sudden, that could be the beginning of something rather ugly.
The question now is whether Jerome Powell makes that happen after his speech on Wednesday after the Federal Reserve is more likely than not going to raise rates. The question is whether he does something to be down the market in the process. Right now, this looks like a market that just does not know exactly what to do, but when I look across various asset classes, I can say the same about a lot of different things.
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