Today we want to share with you the FX:GBPUSD as it seems to react at current level.
As market moved higher towards current major reaction zone, market may reacts and extend lower at current trading level.
Tomorrow we will expect the UK retail sales which are expected to be higher than previous reading (0.4% vs. -0.3%). If you consider of taking a trade within the GBPUSD please regard this event risk at 09:30GMT. If outcome will be worse than expected this would give the market a fundamental kick. Additionally, Jennet Yellen will speak tomorrow which could lead to some extend of around market.
Looking at our inter market indication, we see some movements around our midline, as it seems that investors take their profits from last long move. This could initiate a further extension to the downside towards 1.22 again. If market shows confirmation in lower timeframes, we might take a short.
As always trade with care. We wish you much success.