The buyers had a chance to run higher but stalling
The GBPUSD has moved back down to the 200 week MA at the 1.43388 level. The NY session low has reached 1.42394 and bounced to 1.42585. The current price is at 1.4248.
With the market in the twilight of the week’s trading, and weekend risk ahead, the rotation back to the key technical level suggests “the market” is not ready to run. It might be better to wait until Monday and decide with a fresh week.
Next week, the UK will have
- employment released on Tuesday,
- CPI/PPI/RPI on Wednesday and
- Retail sales on Thursday.
In the US,
- Retail Sales will be released on Monday
- Fed speakers including Williams, Quarles and Bostic on Tuesday
- FOMC Dudley speaks on Wednesday.
Geopolitical risk, and more earnings are also in play.