The US dollar fluctuated between 95.6 and 96.6 last month. Traders' confusion over interest rate hikes, as well as duplicity in talks with the Federal Reserve, have kept the dollar afloat. But given the job data, the CPI data, which shows inflation well, has kept traders believing that the US Federal Reserve will soon plan to raise interest rates. Therefore, according to the picture above, we predict the upward movement of the dollar index.
With this rise and strengthening of the dollar as soon as possible, we can see better GBPUSD currency pairs.
As we can see, this currency pair is located in a descending channel and now the roof of this channel is at the LH point.
Also, by examining the COT data, the net positions of the British pound are still 50,719 selling positions, which will continue the decline of this currency. Also, compared to last week, the 6967 trading position is closed and makes this currency pair have a short rise.
GBPUSD COT data
With this rise and strengthening of the dollar as soon as possible, we can see better GBPUSD currency pairs.
As we can see, this currency pair is located in a descending channel and now the roof of this channel is at the LH point.
Also, by examining the COT data, the net positions of the British pound are still 50,719 selling positions, which will continue the decline of this currency. Also, compared to last week, the 6967 trading position is closed and makes this currency pair have a short rise.
GBPUSD COT data