CAD, GBP, and USD Inflation CPI in Focus. Bitcoin BTCUSD at Record Highs as we Wait for US Congress. Forex Trading Long on GBPAUD.

In today’s GCI Market Outlook, let’s take a look at Forex Trading on GBPUSD, GBPAUD, the S&P500, and Bitcoin BTCUSD.

Four days ago, Bitcoin broke out of this technical ascending triangle pattern and has reached $120,000.

Check your favourite technical indicators and it still looks bullish.

This week, the US Congress will be debating bills regarding the future of cryptocurrencies which explains the jump.

Keep an eye on the news and watch for crypto volatility.

All the US Indices opened this morning with gaps to the downside on tariff inflation fears.

We see some slight recovery with gap traders and dip buyers coming on the scene.

Speaking of inflation, this week we have 3 key CPI reports from Canada, the US and the UK.

Central banks, like the Fed, will be watching as inflation figures may delay interest rate decreases and may even spur increases later this year.

This could be critical for the Bank of England as GBP is getting weaker.

But, on GBPUSD, we see that weakness falling into a lower trend line and technicals showing oversold.

On GBPAUD, we see price action solidly at support and the stochastic oscillator oversold.

Again, watch the economic news on Tuesday and Wednesday for news on GBP.

That’s all for now.

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