The bulls rammed their way out of the triangle to a few pips shy of our yesterday’s bullish target only to be pulled back as if sellers had them on a leash.
All, this, thanks to bad data from UK and the US.
Today, we expect Retail Sales and Core Durable Goods Orders data from the UK and US respectively.
The forecasts are in the negatives, and that may fan another pull-push trading day.
GBPUSD forecast for today.
We see price going back towards 1.2421 and to the pivot 1.2513.
But, those are the charts.
The economic data traders expect today, may move price in either direction by a hundred or more pips, and then come back.
If the bears hold on, then prices are likely to re-test 1.2722 support level.
The 1.2180 level is also very likely depending on the economic data.
Again, beware of the important GBP and USD fundamental news coming in today.
We may be in another choppy trading day, let not your account be chopped.
One thing you need to keep in mind; traders are attracted to support resistance levels. Just, look through the charts and you will notice the consistency.
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