The GBPUSD actually finished last week with gains compared to the previous week’s end, but daily volatility remains a challenge for day traders-
A consistent test of values within a known price range certainly creates opportunities for speculators, but being on the wrong side of the results is frustrating, highlighting the need for risk management. Traders will certainly be listening for clues regarding the U.S Federal Reserve’s FOMC Statement, but this announcement is not coming for another week and a half.
Tuesday will see the CB Consumer Confidence results, Advance GDP will be published on Thursday. On Friday the Core PCE Price Index will provide insights about inflation. However, the question is if a potential June interest rate hike has been priced into the GBP/USD currently. Better than anticipated consumer numbers on Tuesday, and stronger growth numbers this coming Thursday could cause the GBP/USD to sell off before Friday’s inflation statistics. The consolidated price range of the currency pair could become more volatile as the week progresses.
. The consolidated price range produced recently may continue to be displayed, but Thursday’s U.S growth numbers via the Advance GDP could shake the GBP/USD loose from its tight range.
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