GBPUSD still weak, eyes on strong support @ 1.2150
Even though Friday we've finally seen some weakness in the Dollar, the pound still looks weak, trading below it's short-term daily MAs (5,8,13).
Current key support area: 1.2100 - 1.2150
A break below would probably take the price to 1.1800, where the market might finally bottom.
Scenario plausible while the market stays below the short-term MAs and below the trendline (triangle formation).
Factors that could support the pound: a correction in the Dollar Index (USDOLLAR) that started Friday and a positive reaction to next week's data, including the Monetary Policy Statement on Thursday.
Looking forward to different opinions/comments!
Safe trading to all!
Current key support area: 1.2100 - 1.2150
A break below would probably take the price to 1.1800, where the market might finally bottom.
Scenario plausible while the market stays below the short-term MAs and below the trendline (triangle formation).
Factors that could support the pound: a correction in the Dollar Index (USDOLLAR) that started Friday and a positive reaction to next week's data, including the Monetary Policy Statement on Thursday.
Looking forward to different opinions/comments!
Safe trading to all!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.