Cable Short after key UK Data release
With not a lot of top-tier data releases scheduled during the U.S. session, traders may focus on the U.K.’s jobs numbers and extend GBP’s intraday downtrend.
I’m looking at GBP/USD as it’s currently hitting the S1 (1.2470) of the 15-minute Pivot Points.
Think Cable still has room to fall?
GBP/USD may hit the 1.2460 previous support zone in the next couple of trading sessions if the current anti-GBP sentiment continues.
But if we see a bit of profit-taking ahead of tomorrow’s U.K. GDP and U.S. CPI releases, then GBP/USD may revisit higher areas of interest like 1.2500 or 1.2510 before turning lower again.
What do you think? Will GBP/USD take a breather from its downswing and revisit 1.2500?
Or will the pair sooner revisit previous lows and make new weekly lows than see any sustained buying pressure?
I’m looking at GBP/USD as it’s currently hitting the S1 (1.2470) of the 15-minute Pivot Points.
Think Cable still has room to fall?
GBP/USD may hit the 1.2460 previous support zone in the next couple of trading sessions if the current anti-GBP sentiment continues.
But if we see a bit of profit-taking ahead of tomorrow’s U.K. GDP and U.S. CPI releases, then GBP/USD may revisit higher areas of interest like 1.2500 or 1.2510 before turning lower again.
What do you think? Will GBP/USD take a breather from its downswing and revisit 1.2500?
Or will the pair sooner revisit previous lows and make new weekly lows than see any sustained buying pressure?
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TP1 Hit