GBPUSD is in a bear pennant pattern and is heading for the 4-week low at 1.20372 in anticipation of the FOMC press conference later today.
Price Action 📊
The market is currently in the bear pennant pattern and is showing bearish signals with lower highs and lower lows; additionally, there has been a break and a close under the 20 EMA. We are now looking for a momentum break to break and close below the support trendline to target the four-week low at 1.20372.
Fundamental Analysis 📰
The US economy expanded at a 4.9% annual rate from July through September as Americans defied higher prices and rising interest rates. Economists have also said the US economy expanded last quarter at the fastest pace in nearly two years—more than twice the 2.1% annual rate of the previous quarter. The FOMC press conference is later today, so traders are eagerly waiting to hear what their statements are on the current US economic improvements.
Support 📉
1.20943: TRENDLINE SUPPORT 1.20372: FOUR-WEEK LOW
Resistance 📈
1.21836: 20 EMA 1.22008: PREVIOUS DAY'S HIGH
Risk ⚠️ No more than 2% of your capital.
Reward 💰 At least 4% of your capital.
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