It is the NFP Friday and banks are closed in the UK in observance of May Day.
This should be an interesting trading day.
Even though you trade based on price action, it is important to keep in mind the fundamentals that eventual move price long term.
GBPUSD forecast for today.
There a lot of scenarios how price may play out today.
The forecasts are that the US shade 22 million jobs in April with Unemployment Rate shooting to 16%.
That’s bound to rattle the markets.
If we have that bad data, we may test 1.26606.
Though, buyers will shoot for any target above the daily pivot.
On the flip side, price can rush to 1.22027 – which happens to be a major support level on the daily charts.
Sellers, will also love to jump in and drag price to any of these levels
This is one those trading days, that you either watch on the sidelines or be extremely cautious.
Don’t be someone’s lunch.
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