Aggressively Bearish Month British Pound / U. S. Dollar(SEP)
Technical Analysis
-Monthly candle soon to be closing below levels it never closed before unless it retraces in the next 10 days all the way back to where it was at the beginning of the month.
-Weekly closed extremely bearish retracing the whole move from last 4 weeks retesting now an important level of support.
-Daily closed bearish also, retesting this support area.
-Additionally daily has both top and bottom wicks indicating volume and ranges to go to. Especially for the last trading day of the week seeing this suggests more volume for the following trading sessions.
-Overall it is still the last one third of the month (August), the higher probability way things are going to play out is that price pulls back for the rest of the month to have an aggressively bearish month for September or the lesser probability play would be that this area of support is broken and the price pushes down even further this upcoming week and after the month ends.
Calendar until September
-Tuesday August 23 4.30 am ET Flash Services & Manufacturing PMI (GBP) and 9.45 am ET Flash Services & Manufacturing PMI (USD).
-Thursday August 25 8.30 am ET Prelim GDP q/q (USD) and Jackson Hole Symposium begins.
-Friday August 26 8.30 am ET Core PCE Price Index m/m (USD) and 10 am FED CHAIR POWELL speaks.
-Monday August 29 Bank Holiday (GBP)
-Monthly candle soon to be closing below levels it never closed before unless it retraces in the next 10 days all the way back to where it was at the beginning of the month.
-Weekly closed extremely bearish retracing the whole move from last 4 weeks retesting now an important level of support.
-Daily closed bearish also, retesting this support area.
-Additionally daily has both top and bottom wicks indicating volume and ranges to go to. Especially for the last trading day of the week seeing this suggests more volume for the following trading sessions.
-Overall it is still the last one third of the month (August), the higher probability way things are going to play out is that price pulls back for the rest of the month to have an aggressively bearish month for September or the lesser probability play would be that this area of support is broken and the price pushes down even further this upcoming week and after the month ends.
Calendar until September
-Tuesday August 23 4.30 am ET Flash Services & Manufacturing PMI (GBP) and 9.45 am ET Flash Services & Manufacturing PMI (USD).
-Thursday August 25 8.30 am ET Prelim GDP q/q (USD) and Jackson Hole Symposium begins.
-Friday August 26 8.30 am ET Core PCE Price Index m/m (USD) and 10 am FED CHAIR POWELL speaks.
-Monday August 29 Bank Holiday (GBP)