Dear friends. At the end of this week's trading session, the GBPUSD market has not experienced any significant breakthroughs and is currently consolidating around the 1.216 level, remaining relatively stable. However, this currency pair is facing pressure from a 0.9% decrease in retail sales in the UK compared to the previous month in September, as opposed to the expected -0.1%.
From the 1-hour chart, it can be seen that this currency pair is facing resistance at the 1.217 level, indicating a potential rejection. The price target for this rejection is determined around the 1.212 level and further down to 1.211. Finding this support level could serve as a short-term bullish catalyst for this currency pair in the near future. What about you? Do you agree with this viewpoint?
From the 1-hour chart, it can be seen that this currency pair is facing resistance at the 1.217 level, indicating a potential rejection. The price target for this rejection is determined around the 1.212 level and further down to 1.211. Finding this support level could serve as a short-term bullish catalyst for this currency pair in the near future. What about you? Do you agree with this viewpoint?
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