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GBP/USD dropped today but the bullish scenario remains intact. The Pound has lost significant ground after the UK Unemployment Rate unexpected growth. Surprisingly or not, the greenback has managed to appreciate versus its rivals even if the US data have come in below expectations in yesterday's session.
Today, the US is to release the Retail Sales and the Core Retail Sales data. Better than expected economic figures could lift the DXY, this scenario could help the greenback to increase further.
The Prelim UoM Consumer Sentiment will be released as well along with the Business Inventories.
GBP/USD dropped after failing to reach the 1.3909 and after registering only a false breakout above the weekly pivot point (1.3849). It has come back down to retest the trigger line. It could still increase as long as it stays above this line.
A false breakdown with great separation or a major bullish engulfing here in this support zone could bring a new long opportunity. Technically, a valid breakout above 1.3909 could really signal an upside continuation.
Staying above the trigger line and above the S1 (1.3795) could bring us a new buying opportunity. I really believe that only a drop and stabilization below the trigger line and under the S1 could invalidate an upside scenario.
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