{"id":29712,"date":"2022-06-07T18:01:00","date_gmt":"2022-06-07T17:01:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=29712"},"modified":"2022-06-08T09:17:40","modified_gmt":"2022-06-08T08:17:40","slug":"pound-short-sellers-trapped-but-us-crosses-remain-range-bound","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/pound-short-sellers-trapped-but-us-crosses-remain-range-bound\/","title":{"rendered":"Pound short-sellers trapped but US crosses remain range-bound"},"content":{"rendered":"\t\t
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Market Wrap<\/strong><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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From the European session lows of 1.24350 to the London session highs of 1.25920, the GBPUSD<\/a> looks set to continue higher into the middle of the US session. The London session started with the United Kingdom Services PMI Business Activity Index falling to 53.4 in May, a decrease of 5.5 index points from the previous month. In Europe, investors’ confidence appears to have slightly improved in June, based on Sentix’s latest monthly survey. However, seasonal, and price-adjusted new factory orders in Germany fell by 2.7% in April compared to the previous month. The rise of the GBPUSD accelerated from the US open as the US trade deficit shrank slightly less than expected but markedly down from the previous month. The US dollar index<\/a> is still trading above the 9-period EMA and above the $102.20 level and looking back on the daily GBPUSD chart, today\u2019s price action has only confirmed that the short sellers this morning were trapped but that everyone else is still stuck in the trading range from the June 1st<\/sup> candle.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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The EURUSD<\/a> has been in a tight range for 11 days now as the 1.0800 appears to be solid resistance and the 1.0600 is support. Price action below the daily 200 EMA suggest that there is more probability of a move lower but with the RSI above 50 there has been more higher closes than lower closes in the last few weeks.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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The pounds continued strength and the yen<\/a>\u2019s persistent weakness has once again proved to be a good trending move today. The US dollar has lost some favour and the Kiwi<\/a> has recovered from this morning relative weakness.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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The daily GBPJPY<\/a> chart has been ripping for several days now and is approaching a significant swing high with no sign of selling pressure coming from within the potential supply zone. The RSI is rising to the overbought level but that could signal a potential continuation trade higher as the RSI can remain overbought for a long time.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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The m30 chart shows that the London breakout of the Asia-Pac range would have hit the risk reward ratio of 1:1 at the time of writing, with 167.90 being the RRR of 1:2 target.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Despite lower predictions for global economic growth for 2022 from the World Bank Group, oil futures<\/a> rose more than 1% this afternoon as investors worried about rising stagflation. The definition of stagflation is persistent high inflation, combined with high unemployment and stagnant demand in a country’s economy. Currently the inflation we are seeing is due to a supply chain shock, so the worry is that people will lose their jobs and demand will be removed as the monetary policies by the Fed and US Treasury continue to hit people\u2019s pockets and corporate profits. The American Petroleum Institute (API) will release its latest weekly report on the stocks of crude oil in the US later today.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Market Wrap See real-time quotes provided by our partner. From the European session lows of 1.24350 to the London session highs of 1.25920, the GBPUSD looks set to continue higher into the middle of the US session. The London session started with the United Kingdom Services PMI Business Activity Index falling to 53.4 in May, […]<\/p>\n","protected":false},"author":5,"featured_media":29714,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[58,64,18,20],"yoast_head":"\nPound short-sellers trapped but US crosses remain range-bound - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/pound-short-sellers-trapped-but-us-crosses-remain-range-bound\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pound short-sellers trapped but US crosses remain range-bound Pound short-sellers trapped but US crosses remain range-bound\" \/>\n<meta property=\"og:description\" content=\"The news has been light today following on from the RBA cash rate hike in the overnight session. Tomorrow there is no scheduled Tier-1 data so we\u2019re very likely to get another sleepy market for the major crosses like the GBPUSD and EURUSD. This is also likely as traders will not want to be out of position ahead of the ECB rate statement on Thursday as they could spring a surprise.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/pound-short-sellers-trapped-but-us-crosses-remain-range-bound\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-07T17:01:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-08T08:17:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2022\/06\/sarah-agnew-tKSdSJjb9zo-unsplash.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"441\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Neville Hornsey\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Pound short-sellers trapped but US crosses remain range-bound Pound short-sellers trapped but US crosses remain range-bound\" \/>\n<meta name=\"twitter:description\" content=\"The news has been light today following on from the RBA cash rate hike in the overnight session. Tomorrow there is no scheduled Tier-1 data so we\u2019re very likely to get another sleepy market for the major crosses like the GBPUSD and EURUSD. This is also likely as traders will not want to be out of position ahead of the ECB rate statement on Thursday as they could spring a surprise.\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Neville Hornsey\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/youtrading.com\/en\/pound-short-sellers-trapped-but-us-crosses-remain-range-bound\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/pound-short-sellers-trapped-but-us-crosses-remain-range-bound\/\"},\"author\":{\"name\":\"Neville Hornsey\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/95b20558021997bd74f4db43fabddf85\"},\"headline\":\"Pound short-sellers trapped but US crosses remain range-bound\",\"datePublished\":\"2022-06-07T17:01:00+00:00\",\"dateModified\":\"2022-06-08T08:17:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/youtrading.com\/en\/pound-short-sellers-trapped-but-us-crosses-remain-range-bound\/\"},\"wordCount\":513,\"publisher\":{\"@id\":\"https:\/\/youtrading.com\/en\/#organization\"},\"keywords\":[\"Brent\",\"Crude oil\",\"EURUSD\",\"GBPUSD\"],\"articleSection\":[\"Markets\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/youtrading.com\/en\/pound-short-sellers-trapped-but-us-crosses-remain-range-bound\/\",\"url\":\"https:\/\/youtrading.com\/en\/pound-short-sellers-trapped-but-us-crosses-remain-range-bound\/\",\"name\":\"Pound short-sellers trapped but US crosses remain range-bound - Youtrading UK\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/#website\"},\"datePublished\":\"2022-06-07T17:01:00+00:00\",\"dateModified\":\"2022-06-08T08:17:40+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/youtrading.com\/en\/pound-short-sellers-trapped-but-us-crosses-remain-range-bound\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/youtrading.com\/en\/pound-short-sellers-trapped-but-us-crosses-remain-range-bound\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/youtrading.com\/en\/pound-short-sellers-trapped-but-us-crosses-remain-range-bound\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/youtrading.com\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Pound short-sellers trapped but US crosses remain range-bound\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/youtrading.com\/en\/#website\",\"url\":\"https:\/\/youtrading.com\/en\/\",\"name\":\"Youtrading UK\",\"description\":\"Leaders in Trader Training\",\"publisher\":{\"@id\":\"https:\/\/youtrading.com\/en\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/youtrading.com\/en\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/youtrading.com\/en\/#organization\",\"name\":\"YouTrading\",\"url\":\"https:\/\/youtrading.com\/en\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2020\/12\/Logo-Youtrading-2020_preto.svg\",\"contentUrl\":\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2020\/12\/Logo-Youtrading-2020_preto.svg\",\"width\":2531,\"height\":570,\"caption\":\"YouTrading\"},\"image\":{\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/YouTradingEnglish\/\",\"https:\/\/www.instagram.com\/youtrading_english\/\",\"https:\/\/www.youtube.com\/channel\/UCc22BNolZpSd33lXc8utUvg\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/95b20558021997bd74f4db43fabddf85\",\"name\":\"Neville Hornsey\",\"description\":\"Neville Hornsey holds a BA Honours 2.1 in Professional Media and has been a professional trader since 2007. 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