Expect More Volatility…Summer Is Coming
06/18/2015 7:00 am EST
In this video, Christopher Terry, of iMarketsLive.com, reviews the entry level, the risk, and the targets for this currency pair, however, given Wednesday’s FOMC announcement, holds off on reviewing the E-mini Futures market since there is no immediate pattern in front of the news.
Looking at the GBP/USD, traders can observe a Bat Pattern forming on the 1-Hour chart at the 88.60% retracement level. The risk is right above the X point marked on the chart and the GBP/USD is expected to—at least—make a 38% or 61.80% retracement, or quite possibly, a full 100% move to the downside. Traders looking at this currency pair on the short side should make sure that their risk is right above the swing high notated on the hourly chart.
Other than that—given the FOMC announcement on Wednesday—Chris is not going to do anything this week in the S&P E-mini Futures market since most of the markets will remain in a choppy mode until after the meeting, but remember to be careful since it could become very volatile after that. Also important to note—since summer is starting on this Sunday, June 21—traders might no longer want to drive the car 500mph, but rather, pull it back a bit in case of any increased volatility.
By Christopher Terry, Contributor, iMarketsLive.com