GBP/USD Price Action Summary
The GBP/USD currency pair's price behavior analysis is currently being discussed. The price is trading not far from the level of the start of trading in the new futures contract, having returned to it from above, significantly below the level of the opening of the month, and in general it turns out that our trend is bearish. True, no one has canceled the corrections. Moreover, next week we will have the next release of the US CPI, and we, in principle, already know that regardless of the data, the Fed will lower the rate at the September meeting. Unless inflation suddenly rises to 8%. But this is not realistic. As for GBP/USD, the situation is almost the same as with EUR/USD. At the beginning of the week, after which the price reached 1.2800, sellers entered the market. The minimum price they could take was 1.2662. And on Thursday, it seemed like a technical northern correction from this price began. The trading week ended with the price fluctuating within the channel of levels 1.2714-1.2772.
And now, as we see, to resume the northern trend, we need to overcome the resistance level of 1.2772. Then the second step will be to overcome the level of 1.2800. As for selling GBP/USD here, the situation is a little different. Since the first signs of decline will be received if the GBP/USD price goes below the level of 1.2724 and then 1.2700. Breaking the level of 1.2700 will, to some extent, cancel the north, and 1.2662 will become a priority. On Monday, the quotes will hang around in a sideways price range of 1.2725-1.2773. It is unlikely that they will be able to get out of it and consolidate under/above any of these levels, although there is a good impulse to the north east, so if the sellers do not gain strength, then there is a chance of a breakout and an exit from the sideways range through the upwards, but this is just an assumption. Let's wait for the opening on Monday.
The GBP/USD currency pair's price behavior analysis is currently being discussed. The price is trading not far from the level of the start of trading in the new futures contract, having returned to it from above, significantly below the level of the opening of the month, and in general it turns out that our trend is bearish. True, no one has canceled the corrections. Moreover, next week we will have the next release of the US CPI, and we, in principle, already know that regardless of the data, the Fed will lower the rate at the September meeting. Unless inflation suddenly rises to 8%. But this is not realistic. As for GBP/USD, the situation is almost the same as with EUR/USD. At the beginning of the week, after which the price reached 1.2800, sellers entered the market. The minimum price they could take was 1.2662. And on Thursday, it seemed like a technical northern correction from this price began. The trading week ended with the price fluctuating within the channel of levels 1.2714-1.2772.
And now, as we see, to resume the northern trend, we need to overcome the resistance level of 1.2772. Then the second step will be to overcome the level of 1.2800. As for selling GBP/USD here, the situation is a little different. Since the first signs of decline will be received if the GBP/USD price goes below the level of 1.2724 and then 1.2700. Breaking the level of 1.2700 will, to some extent, cancel the north, and 1.2662 will become a priority. On Monday, the quotes will hang around in a sideways price range of 1.2725-1.2773. It is unlikely that they will be able to get out of it and consolidate under/above any of these levels, although there is a good impulse to the north east, so if the sellers do not gain strength, then there is a chance of a breakout and an exit from the sideways range through the upwards, but this is just an assumption. Let's wait for the opening on Monday.
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