GBPUSD Forex Signal: Weakly Bearish Below $1.2022 -
I wrote in my previous forecast last Tuesday that we were right in the middle of a very flat consolidation with no signs pointing to the likely short-term direction. I did not see any good opportunities anywhere near the price at that time.
We have seen more movement since then, with the Pound having a positive week last week. It reached as high as $1.2150 before falling back over recent days as the US Dollar made a brief recovery. We have just seen a bullish retracement after an initial downwards movement, but it turned bearish against at $1.2022 and seems to be in the process of making another bearish wave.This level looks quite strong
, and it should be noted that the support can be felt a few pips above the level, probably starting at about $1.1950. I think that scalpers could have a good opportunity to make a few long pips from the next touch of $1.1950 / 40, and it may even be a good swing trade entry.Concerning the GBP, the Governor of the Bank of England will be testifying before the British Parliament at 3pm London time, simultaneous with a release of US CB Consumer Confidence data.
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