October 07, 2021|The Forex Secret –The week started with some important releases like the OPEC meeting, RBNZ rate decision, the US and CAD Nonfarm payroll, which impacted the pricing directly. These events caused the volatility in the market.
GBP/USD couldn’t hold the bullish pressure until yesterday that started at the end of the last week. In the chart above we can see that there was bearish momentum after a correction yesterday. However the bearish pressure wasn’t strong enough to break the 1.3535 support level. But as we can see, there is a bullish pressure after a correction at the 1.3580 level. Although it’s hard to predict if the bullish pressure will continue or not, as there is a lot of confusion going on in the market.
Currently GBP/USD is trading below the 20 EMA with a bullish momentum . Considering the current market structure, we may expect that the bullish pressure may stretch towards the 1.3650 resistance level.
What We Can Expect from the GBP/USD
As per the above findings, we can expect that the investors should focus on finding a sell near the 1.3560 level. However, a break above the 1.3700 level may alter the market condition.
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