The pound took a beating yesterday pausing but for a moment in the support levels, as predicted.
Risk may thin today as the market – often -ripples after big moves like that on the next trading day(s).
Again, we’ll look at the charts for where to find the most likely trading opportunities.
GBPUSD forecast for today.
The charts point to a bearish GBPUSD.
With wet risk appetite, we should see it touch 1.2180 or 1.2123 support levels.
The 1.2323 support level may work for resistance before price falls again.
What’s most likely going to happen is a choppy trading session.
After a big fall, risk runs off with liquidity.
We may range between 1.2330 and 1.2255
Above 1.2323, we should move up closer to the weekly pivot.
After the big moves, trading can get messy.
For a retail day trader, be extremely cautious and trade within the bounds of your trading plan.
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