GBP/USD is already in maximum volatile situation since the end of January, and still the volatility exists in this pair due to BREXIT process. Yesterday, the bulls in the pair was rejected after the Unemployment Claims report came positive at 234k which was forecasted 249k. The market had a good leap downwards after getting closer to 1.26 level. In this pair, currently, there is no currency with a stronger momentum to take out the other one but as of a rejection with a massive sell pressure USD is expected to get much stronger in the recent moves. Today GBP had Manufacturing Production report which was forecasted 0.3% but the actual result was 2.1% which was far better than expected. The news did form a spike in the market but the sellers are said to take control again to take the GBP/USD to a much lower support toward 1.2420 level again.
Now let us look at the technical view, yesterday, with a massive selling pressure, the price dropped below the resistance area again signaling the prior bullish move as a false break. Currently price is below 1.2515-50 resistance area and it is expected that as long as market remains below this resistance area we can target 1.2420 as next support.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
GBP/USD is already in maximum volatile situation since the end of January, and still the volatility exists in this pair due to BREXIT process. Yesterday, the bulls in the pair was rejected after the Unemployment Claims report came positive at 234k which was forecasted 249k. The market had a good leap downwards after getting closer to 1.26 level. In this pair, currently, there is no currency with a stronger momentum to take out the other one but as of a rejection with a massive sell pressure USD is expected to get much stronger in the recent moves. Today GBP had Manufacturing Production report which was forecasted 0.3% but the actual result was 2.1% which was far better than expected. The news did form a spike in the market but the sellers are said to take control again to take the GBP/USD to a much lower support toward 1.2420 level again.
Now let us look at the technical view, yesterday, with a massive selling pressure, the price dropped below the resistance area again signaling the prior bullish move as a false break. Currently price is below 1.2515-50 resistance area and it is expected that as long as market remains below this resistance area we can target 1.2420 as next support.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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