$GBPUSD is stuck in a narrow range. Get our daily Forex signal here -
and the testimony by Fed Chair Jerome Powell due later. I, therefore, thought the price would likely rise until the testimony before falling as Powell would probably strengthen the Dollar, so I was looking for a short trade entry.
As it turned out, the best opportunity was instead a long trade entry, with the release of the UK inflation data eventually causing the price to fall, as the data was poor enough to cause wider concerns about the prospect for the UK economy, before the price found support during the first half of the London session and pushed up from that low. A sizablerejecting support or resistance can often be a great technical signal for a new trade entry.
The price of this currency pair has recently reached multi-month highs, but over recent days we have seen both he Pound and the Dollar consolidateThe price is now consolidating within quite a narrow range of one big figure, with support near $1.27, resistance near $1.28, and a key level right in the middle confluent with $1.2750.
provided the price remains within this range, there could be opportunities for cautious scalping trades from rejections of any of these levels, especially the extreme ones at the round numbers which I mentioned earlierConcerning the USD, there will be a release of CB Consumer Confidence data at 3pm London time. There is nothing of high importance due today regarding the GBP.
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