GBP/USD Breakout

GBP/USD Breakout

USDX has not committed at the time of this post. We are looking for a short move up by GBP/USD to resistance and then a continuation to the downside to the ATR Target at the 1.3857 area. Watch the USDX for any change in direction. The ATR for the pair currently is 185 pips per day.To get more news about Inflation, you can visit wikifx.com official website.
Bottom line: Gold plunged into a critical uptrend support and the focus is on a reaction off this threshold. From at trading standpoint, a good zone to reduce short-exposure /lower protective stops- look for topside exhaustion ahead of the upper parallel IF price is indeed heading lower with a break / close below 1763 needed to fuel the next leg lower. Ultimately, a XAU/USD would need to breach above the 61.8% retracement of the monthly range at 1857 to mark resumption of the broader uptrend. Stay nimble heading into key US inflation data on Friday with Core Price Consumption Expenditure (PCE) likely to fuel some volatility here.