There’s something about the weekly pivot that has kept price returning to it since May 14.
There’s clear indecision among traders forcing price to rotate around this one level.
Price broke the 4-hour bearish trendline again – will the sell signal hold?
Our target forecasts for the last two days still hold.
GBPUSD forecast for today.
Bearish strength will have us re-test 1.20596 support level and a dash for levels below 1.19738.
Bullish strength will see us at 1.23374 and resistance levels above 1.24232 – if 1.24232 doesn’t restrain the bulls.
End of week trading days are unpredictable.
Some days there’s a lot of liquidity, other days, the markets are dry.
So, trade responsibly.
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