Happy Sunday Traders
GBPUSD-
Price is currently at the Monthly Resistance Zone (Brown Area). During the week, this pair pushed up due to the Pound strength. BUT, the Pound could suffer a setback at the beginning of the week, amid news indicating that UK’s Finance Minister is considering a set of tax increases to compensate for coronavirus pandemic extraordinary expenses. However, other cabinet members opposed such a move, but instead want to consider spending cuts.
This area that the GBPUSD has tested multiple times in the past as resistance and is possibly an area that we could see a nice Counter-Trend bounce out of this market. For that reason, I will be looking in this area for possible short trades this week.
Monthly Resistance Zone- (1.32315-1.35050)
GBPUSD-
Price is currently at the Monthly Resistance Zone (Brown Area). During the week, this pair pushed up due to the Pound strength. BUT, the Pound could suffer a setback at the beginning of the week, amid news indicating that UK’s Finance Minister is considering a set of tax increases to compensate for coronavirus pandemic extraordinary expenses. However, other cabinet members opposed such a move, but instead want to consider spending cuts.
This area that the GBPUSD has tested multiple times in the past as resistance and is possibly an area that we could see a nice Counter-Trend bounce out of this market. For that reason, I will be looking in this area for possible short trades this week.
Monthly Resistance Zone- (1.32315-1.35050)