The GBPUSD is oscillating around the daily pivot as traders’ risk appetite is tame.
Here is my perspective for those trading the GBPUSD currency pair today.
On the daily and weekly charts the pair is still bearish and I am still bent to the likelihood of a fall of the pair in the long term
As yesterday, I am looking at the pair dropping down to S61 1.2799 S78 1.2748 Support levels.
In the short term though, for scalpers, the GBPUSD is bullish.
If the bulls somehow manage to take over, expect a sizeable jump up words to resistance levels R38 1.3099 above the weekly pivot level of 1.2984
For the moment, day traders may be safer betting for 10 to 20 pips on the bullish end before a confirmation of an uptrend on the daily chart.
Trade safe and follow your rules.