GBP/USD challenges major supply zone [Video]

Olimpiu Tuns Learn 2 Trade

The GBP/USD pair registered an amazing rally as the Dollar Index crashed despite some positive economic data in the last session. Today, the fundamentals should be decisive as the US is to release the NFP, Average Hourly Earnings, Unemployment Rate, Revised UoM Consumer Sentiment, and Factory Orders data. Better than expected data should boost the greenback.

Technically, after such an impressive growth, we cannot exclude a potential sell-off. It has reached a major supply zone, but we still need confirmation before taking action. A bearish formation followed by a new lower low activates a downside movement.

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Author

Olimpiu Tuns

Learn 2 Trade

Olimpiu is a seasoned Market Analyst / Trader with 11 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks.

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