GBPUSD | Perspective for the new week | Follow-up

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Economists see a roughly two in three chance that the BoE will raise its interest rate next month to 4.5% from 4.25%, which would be its 12th consecutive rate rise since December 2021. With a week laced week series of high-impact macroeconomic events, the consumer price index will be the centre of focus as expect data on Wednesday to show a fall in consumer price inflation to 10% from 10.4%, but this will still leave it well above the target. From a technical standpoint, this video illustrates the dissection of the current market strucure to weigh in on the opportunities both the buyers and sellers have in the coming week in other to be able to be in a decent position to catch the impulse.

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The early hours of the day have seen price action oscillate around both the key level at $1.24000 and the trendline hereby forming a channel that will be what we are using to guide trading activities today. However, a breakout of the channel will need some sort of retest on the lower timeframe for a confirmation that price action is going bullish.

Good morning

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Sell position triggered, secure position

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Following negative readings from the economic data from the UK docket; price action takes out the sell position with a small profit as it is currently trading around the resistance line for the week at 1.24200 which also shares a confluence with the trendline that was broken at the beginning of the week. So, we are going to see how the price reacts to this level to determine what our next line of action will be. Update coming up soon, see you at the live session

Good morning

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Time to secure the buy poisiton

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Secure buy position

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Selling pressure resumes

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Secure buy position as selling pressure resumes within the sell window identified yesterday.

GOod morning

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Selling pressure, a breakdown/retest of the trendline, and the 1.24200 level welcome selling opportunities.

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Selling pressure resumes again at the sell window area and if you already have a buy position, secure it as there is a chance that sellers could gain momentum from this current structure but if a breakout/retest of the 1.24700 level happens a buy position is at this point welcome.

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Despite the appearance of selling pressure from the sell window and the breakdown of the trendline, price action remains within a choppy situation. Still looking forward to the breakdown/retest of structures on the chart for selling opportunities.

Good morning