For this week for the GBPUSD pair we expect some bullish price action to test the resistance at M_PP where we think price will find a lot of bears who will push the price down with very strong move. The area around the M_PP represents a support/resistance from the week of Brexit in 2016 so we think these levels are closely watched from a lot of traders. If price reaches this area one more time we will try to get a short position on the market and try to ride it at least to the M_S1 where price can find some support.
Comment:
The pressure continues on the GBPUSD pair now for the second week in a row and now the pair is approaching the M_S1 area where it could find some support. This area held as a strong support few times during 2017 so we will wait to see how the price reacts to this area. If we have some bullish evidence we may consider a long position.
Comment:
For this week the GBPUSD pair did not convince us to open any trading position. The price at the moment of writing is in the middle of the M_PP and M_S1 so we will see how the price will move and close tomorrow and then try to plan the trades for the next week based on the nearest support/resistance structures.