Fundamental issues:
Yesterday the Dow dropped on weak earnings from 3m but overall the US markets were bought on dips in this earning season so far. In light of Boeing's report on upbeat earnings for Q3, its stocks picked up. So, if I am right and the Fed puts interest rates on hold next Wednesday, GBP is going to drop back deeper as we have already seen this week. Selling in GBPUSD is going on.
Levels to watch:
How did I do? YESTERDAY I SAID>>>
I am looking to sell 1.2950, stop above today's high, target 1.2785.
The RESULT? GBP/USD was sold at 1.2928 in the US session and dropped to 1.2789
TODAY: I am looking to sell at 1.2890, stop above 1.2935, target 1.2750
OVERALL: This week, sell any rally into 1.2970
Next week: if we see any move into 1.3050 I will short
