Monday price action in gbp/usd has been as it usually is. If you monitor how currencies move at specific days of the week, how they open and close, you will surely notice some tendencies. This week was no exception. We saw directional moves during the past week as the cable rose against US dollar for the whole week. The tendency continued on Sunday open. You need to know that in most cases if there was a directional move previous week and market ended moving in that direction you are going to see a reversal on Monday.
As always there was a false move up during early European session (during Frankfurt open) and the move upwards continued till the start of London session. Market then formed rail road tracks candle pattern and reversed sharply to the downside. I expect some ranging today and possibly tomorrow and then a direction to form.
There are some important fundamental releases this week, the key one being FED Open Market Committee Rate Decision at 18:00 GMT on Thursday. I doubt if we are going to see anything significant happening before that date, but you should watch UK Consumer Price Index release at 08:30 GMT tomorrow and UK Unemployment change at the same time as CPI on Wednesday.
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