Hello dear friends! Another week has come, so let's explore the market with Karina!
As we saw last week, GBPUSD didn't experience much change in trading. The price remained sideways within a narrow range, and no significant breakthrough occurred.
This week, GBPUSD started the session by maintaining its previous trading level at 1.2155. However, it is expected to be an eventful week as news continues to be released from October 24th to October 27th. If the news is positive, it is likely that the resistance level at 1.23 will be easily surpassed. On the other hand, if GBPUSD fails to hold its current stability below the support level of 1.205, that will be the target.
What are your thoughts on the upcoming moves of GBPUSD?
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Retail Sales in the UK fell by 0.9% on a monthly basis in September, the UK's Office for National Statistics reported on Friday. This reading came in weaker than the market forecast for a decrease of 0.1% and weighed on Pound Sterling.
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The decrease trend on the 1H chart frame, target 1.210
My view: