GBPUSD: Bullish Exhaustion to Lure More Sellers, All Eyes on Key US Data Releases
GBPUSD: Bullish Exhaustion to Lure More Sellers, All Eyes on Key US Data Releases
The GBPUSD movement was inconclusive yesterday, but for me, it is clear that from a technical point of view, the bearish pin bar formation suggests the bulls are running out of gas. The fact that price closed back below the daily EMA 200 also support the interruption of the bullish phase. That being said, note that only a clear break back below 1.3000 would abort the bullish view.
Immediate resistance resides around 1.3080. A clear break above that area would be an important support to the upside scenario but only a break above 1.3100 would confirm the resumption of the bullish run towards 1.3210 as the nearest technical objective. On the downside, a slump below 1.3000 level not only would expose 1.2900 but also open the door for further bearish attacks.
There will be several major economic data releases from the US today. They are Average Hourly Earnings, Non-Farm Employment Change, Unemployment Rate and ISM Non-Manufacturing PMI data which are expected to be market movers.
Source: https://fxinstructor.com/blog/gbpusd-bullish-exhaustion-to-lure-more-sellers-all-eyes-on-key-us-data-releases
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