- On Monday, the British pound gained some ground against the US dollar, which was a nice change.
- But, you know, I’m not jumping for joy just yet. There’s significant resistance around the 1.3550 mark, stretching up to 1.36.
- This 1.36 level seems to be a sticking point, frankly. It brings a lot of concerns to the table.
https://www.youtube.com/watch?v=zwukagyz340
If we manage to break that level, it could shift the dynamics a bit. For now, traders are really trying to gauge whether the Federal Reserve is taking a more assertive stance. And if they are, what does that mean for the global economy?
Dollars are often for safety.
Ironically, the global economy often pays the price when the US stumbles. Initially, we see a sell-off of the US dollar while it’s propped up as a safe haven. It’ll be interesting to watch how this evolves.
Even though there have been some bullish days recently, we haven’t shifted the overall sideways trend in the market. I think it’s time to discuss more significant deals to break free from this narrow 200 pip range. Short-term traders will likely keep playing within the range, and we appear to be nearing the upper limit. So, consider your strategies moving forward.
