FX Breakout Monitor September 24 2019
Head of FX Strategy, Saxo Bank Group
Summary: The FX Breakout Monitor is registering few breakouts at the moment, with no fresh breakouts on the menu outside of extension of recent trends. Sterling has moved a bit today on today's UK Supreme Court decision nullifying Boris Johnson's suspension of parliament.
The FX Breakout Monitor is back, and it is expanded with "autosignals" that show examples of how to trade new breakouts, defined as new 19-day high or low closes not preceded by a breakout in the same direction in the prior week. Click on the link below for a look at the full PDF of the table overview and the Recent New Breakouts tables. See further below for a couple of chart highlights related to today's monitor.
Today's Chart Highlight: GBPUSD
Today we highlight GBPUSD, which remains close to the pivotal 1.2500 area after a recent false start higher through that level last week. Today's decision by the Supreme Court effectively annuls Boris Johnson's move to prorogue, or suspend Parliament, and is seen as reducing hard Brexit odds. A bit of USD weakness today has helped at the margin, but the market needs to firmly take out this 1.2500 area to set the focus higher still. Note that a new high close today (above the high prior close f would not result in a GBPUSD long showing up on the "autosignal" list in the PDF because not enough time (four prior trading days with no prior signals) has transpired.
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