GBP/JPY And GBP/CAD In Focus As US Markets Wait For CPI

Another excellent forex session as the US markets opened ahead of the CPI data release at the bottom of the hour. The focus initially was on the British pound and the pound yen, before moving across to the MT5 platform and the GBP/CAD. On the daily chart this has seen one of the most extended bearish trends in recent months, with the pair falling relentlessly, and whilst this has many volume price analysis lessons, it is the 3 minute timeframe which is the most interesting, as we have a classic phase of congestion building around the volume point of control, and so creating an ideal opportunity for a breakaway trade in due course.