GBP/USD Is Flirting With 1.30 Again. Is It Decision Time Now?
Skerdian Meta • 1 min read
GBP/USD has been flirting with the 1.30 level for the last few months. This forex pair dived below 1.26 in May after May´s (UK PM) disastrous election results, but now it´s back up as if nothing happened.
It seems like the price is attached to this level like bees are attracted to honey. The 1.2950 area is another support/resistance level, which was keeping the buyers in check yesterday, but it broke today after the third attempt.
We´re eyeing the 1.30 level again for the tenth time in a few months. We got to 1.2985 a few minutes ago, but the price has now stalled again.
It seems like forex traders are parking here again before the big fundamental event that´s coming shortly. As we mentioned in the previous forex update, this happens quite often in forex.
I would like to open a long term sell forex signal here, but US CPI and retail sales are due to be released in about half an hour.
I still favor the downside in the medium to long term. However, if today´s numbers are disappointing, then we might see a decent jump in this forex pair before turning lower again, which would be a better option for shorts.
So, we´re waiting for the US data to be released, before making a decision. Hang around guys because we might pull the trigger immediately after it is released. It all depends on the numbers.