After closing many of Buyers positions, today GBPUSD will be Sideway to attract more traders get into the market and to form new potential Support at 1.2408 and potential resistance at 1.2468.
We can see in the chart that the Market bounces at the level where Buyers positions has been accumulated since the end of April indicating It wants to increase Buyers volume again after they has been stopped out in yesterday downtrend. Then It is going up and bounce back down to indicate that It needs more Sellers get into the market after Sellers feel confident with the downtrend since this month opening hours. Making a new support & resistance level is the best choice for the Market because it will trigger swing traders get into the market and they will increase market volume for sometimes before the Market decides to stop out the Buyers or the Sellers.
As prediction, the Market will slowly bouncing up for sometimes until it has enough volume to stop out.
We can see in the chart that the Market bounces at the level where Buyers positions has been accumulated since the end of April indicating It wants to increase Buyers volume again after they has been stopped out in yesterday downtrend. Then It is going up and bounce back down to indicate that It needs more Sellers get into the market after Sellers feel confident with the downtrend since this month opening hours. Making a new support & resistance level is the best choice for the Market because it will trigger swing traders get into the market and they will increase market volume for sometimes before the Market decides to stop out the Buyers or the Sellers.
As prediction, the Market will slowly bouncing up for sometimes until it has enough volume to stop out.
