The week started off slow with an overall quiet trading across all trading sessions yesterday.
This has extended into today’s early trading hours. This won’t be long as traders wait for speeches from the ECB president, Fed chair and the BoE Governor through the day.
Here is my perspective for those trading the GBPUSD currency pair today.
The pound has continued to be weighed down by the overall US dollar strength.
On the daily and weekly charts the pair is still bearish begging for a big fall before the bulls take over.
I am looking at the pair dropping down to S61 1.2799 S78 1.2748 Support levels.
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
With important speeches from the central bank leaders and the Preliminary Quarterly GDP data expected today, we expect some action in the market.
Trade safe and follow your rules.