Heading deeper into the Northern hemisphere summer, FX price action is becoming increasingly choppy. Beyond the near-term erratic swings, the US dollar index completed a Bearish reversal week on Friday. Although this does not damage the larger bullish USD view, it suggests being more selective when picking currency pairs to express such an outlook. The pound is an underperformer (EUR/GBP likely to extend higher) and as such, our focus is on GBP/USD and a recently completed bearish moving average crossover.
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