There was not much trading activity yesterday, as you can see very small daily candles. These are the three separate reports that came out. As you can see the claimant count change was lower than anticipated Ч which is better than expected. However, the price action owl us something different. Tomorrow we have the release of the retail sales report from the UK which will also be important to keep an eye on, again, a more positive than expected a better-than-expected report can push sterling higher.
Technically, another thing to keep in mind is the support Ч this was resistance twice, three times with this broken and retest it was retested twice. So, before we can call this uptrend to an end we must be sure that the price action is not above this support zone. Also coinciding with the weekly pivot point. So an important support area Ч if the price comes down Ч you could buy here and put a stop loss immediately below this pivot point. Then count on the uptrend resuming.
Although as we said that yesterday sterling is in a very strong downtrend on the longer-term charts, so all this bullish price action gives tactical buying opportunities which will most forex be very short lived. Skip to content Home About OwlForex. Categories Forex Forex GBPUSD Analysis. Owl Forex Forex training and analysis. GBPUSD Forecast 3 November Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors.
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