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Price action in the GBPUSD dipped considerably during yesterday’s trading session. This occurred after market activities witnessed a strong restraint on the upside path. Today’s session has advanced the trend a bit, but bearish traders seem to be treading cautiously, anticipating more impetus to emerge today and in the coming days.
Key Price Levels:
Resistance Levels: 1.2634, 1.2700, and 1.2800
Support Levels: 1.2600, 1.2500, and 1.2400
Market Anticipation Slows Downward Correction in the GBPUSD Market
GBPUSD started the week on a bearish note as the pair dipped towards the middle limit of the Bollinger Bands indicator. This came as a result of a momentum gain in the US dollar market ahead of a fundamentally packed week.
Although some upside corrections can be observed during the previous session, the ongoing session has seemingly continued the downward correction towards the 1.2600 mark, albeit with significantly reduced bearish momentum. Also, the MACD indicator lines have taken a slightly downward path following a crossover above the equilibrium level. This suggests that bear traders are being cautious as they anticipate the economic data set to emerge today and throughout the rest of this week.
Low Volatility Grounds Upside Correction in the GBPUSD Market
As observed earlier, volatility thins in the GBPUSD 4-hour market, limiting the attempts of price action to correct significantly off support. Since bears tested the support at the 1.2600 mark, the resulting bounce hasn’t gained tangible traction. Even the ongoing session has printed only minute profits. As a result, the pair continues to trade below the middle limit of the Bollinger Bands.
Nevertheless, the Moving Average Convergence Divergence (MACD) is suggesting that downward forces are weakening, yet the lines of the indicator continue to journey below the subequilibrium level. Therefore, traders will have to await impactful data before anticipating an upside correction towards the $1.2700 mark.
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