This weeks may turn out favourable for the USD, because the economic calender if filled with important macroeconomic statistics from the United States. Favourable statistics mean big expectations for the increase of interest rates. The FRS has stated that it will consider incoming data.
The latest FOMC report will be published on Wednesday. We will hardly get any new information from it and find out that the members of the Federal Open Market Committee still consider the latest weak economic data as a temporary factor. Although all in all we consider it a correction of the macrostatistics before further growth.
We should consider buying at the top line of the H4 channel:
There is a descending channel on the daily chart:
Upon returning to the breached channel we will buy the GBP as the candlestick signals form: