GBP/USD: DXY Strength Offsets Improvement in Yield Spread
No Brexit breakthrough, DXY fortitude added further pressure on the Sterling, even if the slide in prices is starting to show a tepid divergence with a rising UK-US yield spread.
The next focal point includes the US NFP figures. One must be prudence if exposure heading into the high-impact volatile event. A headline number of 181k is expected.
The micro and macro cycles have turned bearish but the real test comes upon a breakout of the 1.3050/1.30 area (POC last range + round number).
It’s going to take a deterioration in the Brexit headlines to see a further unwinding of longs as the run in DXY mainly a function of EUR weakness plus spells of risk-off.
The next focal point includes the US NFP figures. One must be prudence if exposure heading into the high-impact volatile event. A headline number of 181k is expected.
The micro and macro cycles have turned bearish but the real test comes upon a breakout of the 1.3050/1.30 area (POC last range + round number).
It’s going to take a deterioration in the Brexit headlines to see a further unwinding of longs as the run in DXY mainly a function of EUR weakness plus spells of risk-off.
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