This is a progression of the daily chart during the day’s session at 9:50AM PST and I am sparked with deja vu. We have been here before (shown in the rectangle). We see what happened before (in the circle). 1.6250 will be very telling. I’m a GBP bear. Today’s reports proved disappointing bearish US numbers which may spark safe haven flows again. The stronger-than-expected numbers out of the UK just proves that the British economy is the world laggard. And the BoE knows it which is why it is more dovish now than when the market thought back in July.
All very interesting to see how it unfolds. As always, trade what you see, not what I think.
