GBPUSD is currently showing signs of bullish momentum. As the pair is trending between the current bullish channel we are looking for a move to the upside. Taking a close look at last week's COT Report we can see that GBP is still overall long in momentum which lines up perfectly alongside our seasonal data. We usually expect some growth from GBP across the month of October and we are yet to see this happen. Taking a close look at USD we can see that it is overall bearish in momentum and we can expect further dollar weakness according to seasonal data.
Plan of action is to wait for a re-test of the current support zone or a break of the resistance zone to the upside. A move to the downside would not validate any entry conditions.
Plan of action is to wait for a re-test of the current support zone or a break of the resistance zone to the upside. A move to the downside would not validate any entry conditions.