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GBP / USD is trending in a bearish mood since September 1, as a result of which the quote moved down by about 200 pips, returning the price to 1.3300. High speculation was one of the reasons why the pound underwent a correction, and this can be seen through the repeated rebounds from the price level of 1.3513.
Thus, in the M15 chart, short positions surged at 01: 00-16: 15 yesterday, because of which GBP / USD reached a price level of 1.3300. However, afterwards, there was a slowdown, and the quote underwent a pullback in the price chart.
Such gave a volatility of about 119 points, which is 2.5% above the average level. This means that speculation is then stable, and that the quote could now move within impulses.
It also followed the suggestions from the previous review , that is, to trade positions with targets aimed at 1.3300. Now, the most anticipated thing is the development that will occur within the level, as such will determine the further direction of GBP / USD.
As for the daily chart, the same movements can still be seen, which is a price correction from 1.2500. However, if the quote breaks out of 1.3513, the balance of trade forces may change.
Level of employment in the US private sector came out noticeably weaker than forecasted, as ADP's report indicated that jobs were only up by 428 thousand, much lesser than the expected 1.25 million. Nonetheless, it still reflected an improvement, and it is quite impressive considering that the pandemic is still a problem until now.
As for another indicator on the state of the US labor market, that is, applications for unemployment benefits, data is scheduled to be published today, and it is expected that initial applications will decrease by about 56 thousand, while repeated ones will be down by 535 thousand. If these expectations are met, the dollar could rise again in the market.
Further development
As we can see on the trading chart, GBP / USD is currently trading around 1.3300, particularly within 1.3275 / 1.3335. In order to continue a bearish mood, the quote has to consolidate below 1.3270, as such will give a local acceleration towards 1.3200.
Meanwhile, price will increase instead, if the quote consolidates above 1.3365, as such will indicate the end of the initial correction.
Indicator analysis
Looking at the different time frames (TF), we can see that the signals on the minute period are quite neutral, mainly due to the fluctuations along 1.3300. The hourly period, on the other hand, signals sell due to a price correction. As for the daily period, the indicators emit a buy signal in reflection of the current upward trend.
Weekly volatility / Volatility measurement: Month; Quarter; Year
Volatility is measured relative to the average daily fluctuations, which are calculated every Month / Quarter / Year.
(The dynamics for today is calculated, all while taking into account the time this article is published)
Thus, volatility is at 78 points today, which is 32% below the average. It may sharply increase though, as soon as market participants breakout or consolidate on 1.3300.
Key levels
Resistance zones: 1.3300 **; 1.3600; 1.3850; 1.4000 ***; 1.4350 **.
Support Zones: 1.3300 **; 1.3200; 1.3000 ***; 1.2885 *; 1.2770 **; 1.2620; 1.2500; 1.2350 **; 1.2250; 1.2150 **; 1.2000 *** (1.1957); 1.1850; 1.1660; 1.1450 (1.1411).
* Periodic level
** Range level
*** Psychological level
Also check trading recommendations for the EUR/USD pair here, or brief trading recommendations for the EUR/USD and GBP/USD pairs here.
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