24.10.201914:36 Forex Analysis & Reviews: The FED cannot afford to cut rates – the impact on GBPUSD

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Fundamental analysis:

The Federal Reserve will meet on the 30th October with the US GDP anounced earlier that day.

Who in their right mind would reduce rates with markets at near all-time highs and the US earnings season doing well; jobs market getting tighter by the week.

UK Parliament will probably sign off on the deal Mr Johnson has agreed with the European Union and this should get through next week, so any rally on that news could be an opportunity to go short ahead of the 30th October Fed decision.

Trade idea

I am suggesting the GBPUSD pair is done for now, we have seen a sell signal 2 days ago, and both the wave count and Fibonacci resistance look compelling to me. Note I do not show indicators, Fibonacci is the "CODE of TRADING" to me it is far superior to indicators.

However, there was clear MACD divergence at September lows but the retracement is now complete and it is time to get short again.

Levels to watch:

Today: I am looking to sell 1.2950, stop above today's high, target 1.2785.

This week, sell any rally into 1.2970

Next week: if we see any move into 1.3050 I will short

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