October 14, 2021|The Forex Secret –There are some important releases and events this week, FOMC members speak, CPI, FOMC meeting minutes, G20 meeting, Retail sales and so on.
The G20 meeting is going to be a little influential as it is attended by the finance ministers and central bankers from 20 industrialised nations. Their initiatives and policies may impact the currency market. Therefore, we may expect the market to be a little volatile.
GBP/USD started with bearish pressure this week. But bears couldn’t hold the pressure for long and took a bullish movement after a correction breaking the resistance of 1.3610 level. In the chart above, we can see that the current price of GBP/USD is trading above the dynamic 20 EMA.
Considering the current market structure, we may expect that the bullish pressure may stretch towards the 1.3724 resistance level.
What We Can Expect from the GBP/USD
As per the above findings, we can expect that the GBP/USD would be active until the price breaks above the 1.3724 level with a bullish daily close. Investors should focus on finding a buy below the 1.3724 closed candles.
However, a break below the 1.3724 level may alter the market condition.
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