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As the week progresses, traders of GBPUSD will face rocky days as the trade talks continue early this week followed by data releases from both the UK and the US.
Important Events to Take Note Of
Today, UK PM Boris Johnson and EU Comm President Ursula Von der Leven will resume the trade talks between the UK and the EU. Tomorrow, UK employment data will also be released. At the same time, FED chair Jerome Powell will make another statement.
On Wednesday, the UK will then release inflation data. This is to be followed by the monetary policy statement made from the Bank of England on Thursday. Lastly, Friday will see the latest UK retail sales data for May.
Technical Outlook of GBPUSD
With a heavy week ahead, it’s important to look at the important levels that the currency pair will have to break in order to advance further. In the Daily Timeframe, it can be seen that price is playing between 1.260 to 1.254 level without having much direction yet. But in the lower timeframe, there is an uptrend that has formed. If price goes higher, then the level to break is the 1.263 level. If it does break that level higher, then the next level to look at is 1.281.
Should things go south, a breakout from the 1.243 level up to the 1.233 level could be imminent. This will all depend on the consecutive releases of UK data.
Risk Disclaimer:
Information on this page are solely for educational purposes only and is not in any way a recommendation to buy or sell certain assets. You should do your own thorough research before investing in any type of asset. Learn to Trade does not fully guarantee that this information is free from errors or misstatements. It also does not guarantee that the information is completely timely. Investing in the Foreign Exchange Market involves a great deal of risk which may result in the loss of a portion or your full investment. All risks, losses and costs associated with investing, including total loss of principal and emotional distress, are your responsibility.
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