PRE-MARKET ANALYSIS FOR GBP/USDPRE-MARKET ANALYSIS FOR GBP/USD
August 29/2021
GBPUSD has a high potential of moving upward as the Daily market trading session display a double bottom market structure.
Aside from the fact that GBP banks will have a holiday break tomorrow, market sentiment For the sterling VS greenback pose a strong bullish presence when looking at the overall psychology of the market condition.
Last week market was able to close the trading week in a strong positive motion as a weak dollar economy update from the feds carries a great impact on the entire major currency market atmosphere.
When thinking about how to approach the GBPUSD market for the next trading session for the coming week you must however know that the prevailing price action for the pair showcases a high capability for the bulls to reign over the bears.
In most cases, market structure in combination with fundamental analysis can trigger profitable trading decisions. Thus as a forex trader, your knowledge of market structure, including indicators analysis must be sound and stable if you truly want to benefit from the price action of the market.
Trading recommendation regarding indicator analysis
The RSI indicator is currently at a few levels above the 40; which means a good sign for buyers to go long on this pair
While volatility indicators display a weak volatile session market participants must however know that the forex market will always move from a region of high volatility to a region of low volatility and vice-versa.
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