Tuesday will decide Break or Bounce : Very Important for GBPUSD
The GBP/USD pair failed to capitalize on last week's goodish bounce from six-month lows and traded with a mild negative bias through the early European session on Monday .
We can see that pair is still supported by weekly ascending channel , and it is waiting for some good fundamental reasons to move higher , price is also coming very near to ascending trendline or horizontal support in most of GBP crosses .
Uk monthly job report can provide catalyst for next move , average earning is expected to print 3.5 , better from last month 3.4 ,
As expected result will provide some support to pair , where as above expected result can move price above 1.26 , with next target as 1.2850 , where as below 3.4 could increase some serious selling pressure , resulting in price closing below trendline , which can attract trendtraders to short pair further towards 1.2350 .
Caution advised before news... stay safe.. happy trading.
We can see that pair is still supported by weekly ascending channel , and it is waiting for some good fundamental reasons to move higher , price is also coming very near to ascending trendline or horizontal support in most of GBP crosses .
Uk monthly job report can provide catalyst for next move , average earning is expected to print 3.5 , better from last month 3.4 ,
As expected result will provide some support to pair , where as above expected result can move price above 1.26 , with next target as 1.2850 , where as below 3.4 could increase some serious selling pressure , resulting in price closing below trendline , which can attract trendtraders to short pair further towards 1.2350 .
Caution advised before news... stay safe.. happy trading.