Pair is approaching daily resistance and confluence level 1.3300. Vaccine bullish news were key driver from last week and now some Brexit headlines are adding more fuel to the pair for more upside. So both sentiment and fundamental drivers are bullish at this time regarding key GBPUSD stuff. Other things to keep in mind are rising Coronavirus cases, still not clear picture of Bexit deal, equity futures retracing and commodities retracing. So my overview for Tuesday is approx. 65%-45% for bullish continuation.
I count on 2 different scenarios that might come in play for today and rest of the week:
1. Pair pulls back and creates new support at 30-50% of fib retracement and from there we get test of current highs and possible breakout.
2. Pair shoots up and breaks current resistance with dailčy candle closing above signaling strong bullish continuation for rest of the week.
Keep in mind: Bearish scenario would be support which potentially could form soon breakout or fakeout (bullish breakout and straight move down below breakout point) but since I give more chances for continuation I will just keep this scenario in mind and if that happens I will manage my sell entries.
Also RETAIL SALES news will come out in 1h and FED'S POWELL SPEECH is coming at 7pm gmt+1
RESISTANCE:
1D and lower timeframes: 1.33
SUPPORTS:
4H: 1.322
30M: 1.326
At this point waiting is key and I can prepare my entries if some of potential scenarios play out.
I count on 2 different scenarios that might come in play for today and rest of the week:
1. Pair pulls back and creates new support at 30-50% of fib retracement and from there we get test of current highs and possible breakout.
2. Pair shoots up and breaks current resistance with dailčy candle closing above signaling strong bullish continuation for rest of the week.
Keep in mind: Bearish scenario would be support which potentially could form soon breakout or fakeout (bullish breakout and straight move down below breakout point) but since I give more chances for continuation I will just keep this scenario in mind and if that happens I will manage my sell entries.
Also RETAIL SALES news will come out in 1h and FED'S POWELL SPEECH is coming at 7pm gmt+1
RESISTANCE:
1D and lower timeframes: 1.33
SUPPORTS:
4H: 1.322
30M: 1.326
At this point waiting is key and I can prepare my entries if some of potential scenarios play out.