Bears loading for GBPUSD?
Updated
*From a pure technical point of view*, we can see how price has been rejecting this area 1.3150 - 1.3200 .
After touching 1.3200, we failed to close and stay above and we dropped back below the psychological price 1.3150 .
On the daily timeframe we can how we made an evenstar pattern at the daily highs 1.3200, currently retracing back to the 61.8 fibonacci level which alines with 1.3150 . If we can stay below this resistance level we might see price going back down to 1.3080 at first and if we can break this we are likely to meet 1.3000 again.
We'll evaluate further price movement from here.
After touching 1.3200, we failed to close and stay above and we dropped back below the psychological price 1.3150 .
On the daily timeframe we can how we made an evenstar pattern at the daily highs 1.3200, currently retracing back to the 61.8 fibonacci level which alines with 1.3150 . If we can stay below this resistance level we might see price going back down to 1.3080 at first and if we can break this we are likely to meet 1.3000 again.
We'll evaluate further price movement from here.
Note
I can see us testing the 1.3200 resistance zone again with the upcoming fundamentals for Dollar tomorrow. We'll see how price will react to the NFP. Even a weekly high wick to the 1.3300 wouldn't be an unrealistic thing in my opinion.
Note
NFP didn't move the market at all because it let a lot of traders confused.
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