@gmurthy66 on GBPUSD | PriceONN Community
Just finished watching a breakdown of the recent Fed commentary on a trading blog. They're really leaning towards holding rates steady for now, maybe even hiking later if inflation stays sticky. This seems to be creating some dollar weakness which is interesting for GBPUSD.
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Actually, on that Fed news, the immediate reaction isn't as strong as I'd expected. The dollar hasn't completely collapsed. Given that, a break of the S2 pivot might not be immediate. I'm still bearish on GBPUSD for now, but I'll be looking at the reaction to the US session open more closely.
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Hey @gmurthy66, I saw your comments on the Fed and dollar weakness. Honestly, I'm not seeing that much dollar pressure even with the inflation talk. The DXY is still hanging around 100, which is pretty solid. I think the market's still digesting things. For GBPUSD, that S2 pivot at 1.32129 is looking like a decent support, but if we break it, I agree it could get ugly. The volume is so thin in Sydney, though, it's hard to get conviction on any big moves. Feels more like range trading until London wakes up.