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Hello, dear traders!
It is evident that the main currency on the Forex market is the US dollar. Market sentiments depend on its dynamics, or, conversely, market sentiments are determined by the price movement of the US currency. In this case, let's focus on those aspects that can affect the greenback's price trend. Firstly, it is noteworthy to recall the trade war between the United States and China which was started by former US President Donald Trump. As it became known, current US President Joe Biden and the Chinese leader Xi Jinping may go offline and hold talks in this format. One of the main topics of a possible virtual conversation between the leaders of the countries with the world's largest economies may be trade relations or rather their establishment. If we proceed with the American subject and look at today's economic calendar, such FOMC members as Atlanta Fed President Rafael Bostic, Philadelphia Fed President Patrick Harker and Federal Open Market Committee member Daley will deliver speeches. It is possible to highlight retail sales and industrial production data out of the macroeconomic indicators coming out of the US today. Check out the economic calendar for more details on release times and outlooks for these and other events. Now it is high time to discuss the technical picture of the GBP/USD currency pair.
Daily
In contrast to the single European currency, the British pound consolidated yesterday. This can be evidenced by the daily candlestick with a small bullish body on Monday. However, this candlestick has a long upper shadow, not favourable for bullish players. Besides, it might be the reason for today's downward GBP/USD dynamics. Fortunately for the buyers, this is not the case at the time of the article completion. Moreover, at the moment the pair is demonstrating quite a substantial rise and is already trading above yesterday's highs, shown at 1.3448. The quote has already increased above a strong and significant technical level of 1.3450 and is now near 1.3464. Therefore, if the bulls do not loosen their grip and end today's trading above 1.3448 or better yet above 1.3450, yesterday's candlestick with a long upper shadow, which could be interpreted as a bearish reversal signal, will overlap the upside, which means the potential downside signal will be broken. This will open the prospects for the pair to rise to one of the significant psychological and technical levels at 1.3500. To be more precise, the GBP/USD pair may meet strong resistance from the sellers around 1.3500-1.3530. This assumption is also confirmed by the red Tenkan line of the Ichimoku indicator, which is at 1.3524. In the meantime, by the time this article is completed, the GBP bulls are trying to rise above the first rebound level (23.6 Fibo from the decline of 1.3832-1.3352).
H1
Monitoring the hour chart, we have to admit the uncertainty in the further direction of the rate. Evidently, there is a strong orange 200 exponential average at 1.3483. It is impossible to count on further pair's strengthening without breaking it. At the same time, the same yesterday's highs and the breakdown of the resistance level at 1.3448 can be observed. If there is a technical rebound to this level, then it is time to consider buying, which will be proved by the bullish reversal candlesticks near this level. In the case of further rise and formation of bearish reversal candlestick patterns below the 200 EMA, it is worth considering opening short positions. Taking into consideration quite significant pair movement I would not recommend setting principal aims in both variants. Besides, I advise to limit it to 30 points of possible profit and then to fix it and exit the market.
Good luck!
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