Traders who were starting to believe that calm conditions had returned to the GBPUSD the first three days of last week-
the first three days of last week, were likely hit by rather strong choppiness from the Forex pair on Thursday and Friday. The GBP/USD will begin trading on Monday near the 1.26920 ratio, which is slightly above the lows it traversed early on Friday when it touched a depth around 1.26650. Speculators who were caught by surprise as the GBP/USD created volatility likely didn’t anticipate the economic data which was published the last two days of the week.
On early Friday things got worse for traders looking for upside price action in the GBP/USD, as lows were sustained and any movement upwards was met with steady selling. This coming week economic data will be relatively light from the U.S. and the U.K., and traders will likely base their outlooks on information already gathered. The problem for GBP/USD speculators in the short and near-term is that sentiment appears mixed and timeframes along with expectations for the currency pair’s direction are likely skewed depending on which analyst is being asked.
Behavioral sentiment continues to create a stronger USD across Forex and traders should be careful about trying to step in front of the trend without risk management in place.
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