What Will Happen with the Euro? An Economic Perspective.
eurusd-is-falling-what-to-expect-from-the-future-price-movement
GBP Might Strengthen as GDP posts positive
Information is not investment advice
On Friday 10th February 2023, the Office for National Statistics published the figures for the Gross Domestic Product (GDP) as 0.1% which turned out greater than the initial forecast of -0.2%. As a result of the positive outlook of this report, we need to examine the short-term impact on GBP pairs from a technical point of view.
GBPUSD
GBPUSD is currently reacting from the confluence of the trendline support, the 200-Day moving average, and the 88% Fibonacci level. Also, since the 50-Day moving average already crossed above the 100 and 200-period averages, there's a huge chance we get to experience some bullish price action all the way to 1.24854 or higher.
Analysts’ Expectations:
Direction: Bullish
Target: 1.24854
Invalidation: 1.19492
GBPCAD
Despite being in a downtrend, GBPCAD can be seen to have broken above two previous highs. This indicates the possibility of a bullish reaction from the highlighted drop-base-rally demand zone. I personally expect a typical case of a buy-to-sell movement to come into play in this scenario.
Analysts’ Expectations:
Direction: Bullish
Target: 1.63470
Invalidation: 1.60654
GBPJPY
GBPJPY has recently created a wedge pattern, and within this wedge the most recent price action has been a bullish reaction from the trendline support, leaving us with the option of a bearish rejection from the rally-base-drop supply zone. The 50-Day moving average acts as an additional confluence to validate our prediction.
Analysts’ Expectations:
Direction: Bearish
Target: 156.21
Invalidation: 161.908
GBPAUD
GBPAUD is currently reacting from an area of supply. The 100-period moving average and the trendline resistance are an added confluence for the bearish price action since price is currently constricted within a wedge pattern.
Analysts’ Expectations:
Direction: Bearish
Target: 1.73278
Invalidation: 1.75482
CONCLUSION
The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.
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What Will Happen with the Euro? An Economic Perspective.
eurusd-is-falling-what-to-expect-from-the-future-price-movement
Will Australia's "Rampant Inflation" Prevail in May?
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