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GBPUSD Consolidating Above Key 1.3 Level Ahead of Super Thursday


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The GBPUSD edged higher yesterday and is consolidating a 3rd straight day in today's Asia morning ahead of today's Super Thursday at 7am EST when the BoE announces its rate decision and related comments. Significantly, the GBPUSD hovers just above the psychologically key 1.3000 level and the daily chart triangle's resistance, and has this week resumed its rally above the weekly chart's descending wedge resistance after spending the last week or so consolidating the resistance break. The GBPUSD will likely trade in a tight range ahead of the rate-related announcements. The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains. I am flat after profitably closing longs yesterday and am looking to re-enter long post-Super Thursday by likely setting stop buys roughly 30 pips above the last traded price 5min before 7am EST, with a 30 pip trailing stop loss.


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Before the launch of Tradable Patterns , Darren Chu, CFA, served as IntercontinentalExchange | NYSE Liffe's country manager for Australia, India, and the UAE between July 2010 and January 2014, expanding his role to look after Liffe business development in APAC ex-Japan/Korea until his departure mid April 2014.  His primary remit was developing relationships with Liffe clients, prospects and partners in the buyside (traditional and alternative asset managers), proprietary trading (high frequency algo as well as manual, point and click traders), bank, broker (institutional and retail), commodity trader and ISV community.  Key futures and options promoted included European/London rate benchmarks such as the Euribor, Short Sterling, Gilts, London/European index futures including the FTSE and CAC, London soft commodities (Robusta Coffee, Cocoa, White Sugar), Paris (MATIF) markets (Milling Wheat, Rapeseed), and NYSE Liffe US markets with the MSCI EM, MSCI EAFE, gold/silver, Eurodollar, US Treasury and GCF Repo futures being the focus.

 

Previously, Darren was with the TMX Group | Montreal Exchange for 4 years, marketing Canadian futures and options across North America, London, Singapore and Hong Kong.  Darren also launched and managed CMC Markets Canada's Chinese marketing and sales team, along with educational offering.  On the academic trail, Darren has been a frequent guest speaker at Canadian universities as well as an author of content for 3 derivatives courses offered by Canadian Securities Institute and mandatory for licensing of Canadian derivatives industry professionals.

 

Darren can be reached at +65 8118 8840 or via email at darrenchu@tradablepatterns.com.

 

 

 

contributing author since 11/21/2017 

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