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UK retail sales dropped by 4.9% YoY in April replacing 1.3% growth in March. Analysts assumed a decline of 7.2%. This slight discrepancy in the forecasts delayed the weakening of the pound sterling.
The EURUSD currency pair has slowed down the corrective move near the upper border of the previously broken flat 1.0500/1.0600. This led to a slight reduction in the volume of long positions, while upward interest is still taking place in the market.
The GBPUSD currency pair, after a short stop, overcame the resistance level of 1.2500. This step led to the prolongation of the corrective move from the support level of 1.2155.
Monday is traditionally accompanied by a blank macroeconomic calendar. Nevertheless, stable information and news flow will continue to play on the nerves of speculators, which allows new jumps in the market.
In this situation, a signal about the transition to the stage of an oblong correction will appear at the moment the price holds above the value of 1.0636 for at least a four-hour period. Until then, the risk of a price rebound towards 1.0500 remains.
The first signal about the formation of an elongated correction was received upon the breakdown of the level of 1.2500. To confirm it, the quote needs to stay above the control value in the daily period. In this case, buyers will have high chances of moving towards the values of 1.2635–1.2700.
Otherwise, there will be a pullback below the level of 1.2500, followed by stagnation.
A candlestick chart view is graphical rectangles of white and black light, with sticks on top and bottom. When analyzing each candle in detail, you will see its characteristics of a relative period: the opening price, closing price, and maximum and minimum prices.
Horizontal levels are price coordinates, relative to which a stop or a price reversal may occur. These levels are called support and resistance in the market.
Circles and rectangles are highlighted examples where the price of the story unfolded. This color selection indicates horizontal lines that may put pressure on the quote in the future.
The up/down arrows are the reference points of the possible price direction in the future.
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