The GBP/USD currency pair is currently situated within an order block, signaling a potential inclination towards a downward trend. The pair has exhibited weakening tendencies, particularly with the market adopting a cautious "wait and see" approach ahead of monetary decisions expected in late January and early February 2024. This apprehensive sentiment has resulted in a sideways market movement. As the UK and New York markets open, there is an anticipation of increased selling pressure, with a focus on a likely decline towards the significant support level of 1.26825. Traders are advised to exercise caution, considering both technical and fundamental factors, while strategically managing risk in this market scenario.
Fundamental Factors:
The market is in a "wait and see" mode ahead of monetary decisions scheduled for late January and early February 2024. Investors tend to be cautious, choosing to stay on the safe side, resulting in sideways market movements.
Order Block:
Strong Order Block is identified around the 1.27209 level, and given the current market conditions, it is highly likely that the price will attempt to 1.26825 level.
Trading Plan
Profit Target: Take profits around the 1.26825 level or based on potential price movements.
Monitor Fundamental News: Keep an eye on monetary policy announcements that may impact market movements.
Fundamental Factors:
The market is in a "wait and see" mode ahead of monetary decisions scheduled for late January and early February 2024. Investors tend to be cautious, choosing to stay on the safe side, resulting in sideways market movements.
Order Block:
Strong Order Block is identified around the 1.27209 level, and given the current market conditions, it is highly likely that the price will attempt to 1.26825 level.
Trading Plan
Profit Target: Take profits around the 1.26825 level or based on potential price movements.
Monitor Fundamental News: Keep an eye on monetary policy announcements that may impact market movements.
