Some key fundamentals have arrived at the dollar mark and haven’t strengthened the greenback, allowing the GBPUSD to print considerable profits. However, the market has entered another cautious mood as market participants anticipate Jolt Jobs for further impetus.
Key Price Levels:
Resistance Levels: 1.2850, 1.2900, and 1.2950
Support Levels: 1.2800, 1.2750 and 1.2700
GBPUSD Market Crosses the 1.2800 Threshold
With price action in the GBPUSD market now standing above the 1.2800 mark, one can say that upside forces are still propelling the market. However, volatility has significantly reduced comparing the last price candle here to the previous one. Nevertheless, trading activity continues above the Exponential Moving Average (EMA) curve.
In addition, we can see that the Moving Average Convergence Divergence (MACD) lines have risen past the equilibrium level. Also, the bars of this indicator are solid green, hinting that upside forces are viable. Consequently, this will most likely propel the market further upward.
GBPUSD Bulls Are Hanging on to Upside Focus
Price activity in the GBPUSD 4-hour market has been seeing a considerable degree of contraction in today’s trading activities. This could be attributed to the upcoming Jolts Jobs data, which is expected to provide impetus to the market. A tiny green price candle has appeared for the ongoing session.
Meanwhile, the MACD indicator lines are still projected upwards above the equilibrium level; however, the last bar of this indicator is now pale green. This points out that upside forces are barely hanging on at the moment. The reasons for this are not far-fetched, as most market participants are waiting on the sidelines. Be that as it may, Forex signals targeting the 1.2850 level may still be used in this market.
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