Technical outlook and ideas for Forex pairs
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GBP/USD: prepare for volatility
Information is not investment advice
GBP/USD is consolidating ahead of the release of the US nonfarm payrolls figures at 15:30 MT time.
The pair has been correcting down since the middle of the last week. It met the resistance of the heavy bearish Ichimoku Cloud on W1 as well as the weekly moving averages. The support line of this year’s uptrend just below the psychological level of 1.30 will be a natural area of attraction. If the pound slides to this level, it will meet demand: the 50-day MA is rising and ready to get above the 200-day one (1.2988).
Notice that as there will be a spike in volatility today because of the news release. Remember to go by the rules of risk management.
Elizabeth Belugina
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