The GBPUSD price could trade lower after stalling at key resistance. With GDP data forecasted to come in lower tomorrow we could see some selling pressure.
Watch the video to learn more…
The GBPUSD price could move lower tomorrow for more than one reason. The GDP data is forecasted to come in lower which could see sellers enter the market if the data is not priced in yet. If it is priced in we would see the market push lower initially, but then continue higher at key support levels. From a technical perspective the price is at a monthly range low which suggests we should be looking for long opportunities.
US CPI data saw the USD weaken significantly in the market causing the GBPUSD price to rally forming a no volume zone on the volume profile. The weekly volume profile showed that price is stalling below the weekly high volume node. After this rejection, the price then retested a daily high volume node which saw further selling pressure.
The daily volume profile shows no volume from 1.2190 to 1.2130, this could be filled if the price was to trade lower. A break below the lows at 1.2190 could offer a short opportunity on a retest, we could look for the price to fill the zone.
Did you see our EURJPY analysis? You can see it here.
Enjoy low spreads and quick trade executions with a live account. Our highly committed customer support team will assist you from your quick account setup to any future concerns. Start trading with Blueberry Markets today.