GBPUSD short term sentiment in front of important data at 11:30 (GMT+3)

During the Asian Hours, the pair remained in a tight consolidation between 1.31 and 1.3078. After 27.03 the volatility was lost and the movement shrunk within just 20 – 50 pips range, which implies a breakthrough and finding a short-term direction.

Today, at 11:30 (GMT+3), we expect UK labor market data to boost the pair volatility. 50 and 200 moving averages are very close to the price at H1, and on a daily chart the price is also looking for direction and the candles are formed on the 50SMA.

The data a little later will likely lead to a move, with traders looking mainly at 1.31 and 1.3078. A break in the north may lead to a test of the last peak of about 1.33 in the next few days, while a break below 1.3078 is likely to lead to a 200SMA test at D1 1.2980, where bulls may wake up.

The dollar remains slightly disgraced due to positivism around the US-China approaching agreement, and here at a correction to 1.2980 we can look for long positions with SL 1.2880.

Verified break below 200SMA will be extremely negative for the pair.

 Trader Nikolay Georgiev

Read more:
If you think, we can improve that section,
please comment. Your oppinion is imortant for us.
WARNING: Any news, opinions, research, data or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. Varchev Finance Ltd. expressly disclaims any liability for any lost principal or profits which may arise directly or indirectly from the use of or reliance on such information. Varchev Finance Ltd. may provide information, quotes, references and links to or from other sites and blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the sites, blogs or other sources of information.
Varchev Finance