This week could be key for GBP/USD as a host of key economic data from both the UK and US may provide markets with a deeper understanding into the respective policy plans from each central bank.
Losses have accelerated in recent weeks following the break below 1.3000, and although the pair did manage to bounce from support around 1.2200 last week, near-term direction will likely depend on the upcoming data.
Check out our latest article for an insight into what to expect, as well as key technical levels to look out for:
@forex.com With so much news about the economy coming out, do you think new traders should stay out of this pair this week?
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That’s a great question. This week’s economic data will likely increase this pair’s volatility, and while this can create more trading opportunities in this pair, new traders also need to be mindful that it will significantly magnify the downside risks involved.
Of course, all trading carries risk, but situations like these make it even more important to have a strong risk management strategy and a well-constructed plan before entering into any trades.
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Can we expect more GBPUSD analysis this week after some of the economic releases?
There was another article that was released today analyzing GBP/USD. Please click on the following link to take a look:
GBP/USD trend still bearish. I’d sell the rallies.