The GBPUSD pair violated 1.3680 level clearly and settled above it, which leads the price to attain more expected rise in the upcoming sessions as a normal trading inside the bearish channel that appears on the chart, waiting to head towards the channel’s resistance at 1.3845 as a main target.
Therefore, the bullish bias will be suggested for today unless breaking 1.3680 and holding below it again, noting that breaching 1.3740 will ease the mission of achieving the expected rise.
UK reported a slightly higher daily covid count, 44,104 versus 42,302 the last Wednesday, but a 50% weekly jump in the death toll to 73 keeps highlighting the Delta covid variant fears.
Considering a lack of major data/events in the UK, the GBP/USD traders will keep their eyes on the ECB meeting results and US second-tier data flow, not to forget risk catalysts, for fresh impulse.
The expected trading range for today is between 1.3620 support and 1.3780 resistance.
Warning:
Trading on CFDs involves a high level of risk, including full loss of your trading funds. Before proceeding to trade, you must understand all risks involved and acknowledge your trading limits, bearing in mind the level of awareness in the financial markets, trading experience, economic capabilities and other aspects.
Disclaimer:
Market Trends, Charts, Trading Ideas or other information provided by BKFX (Pty) Ltd and/or third parties are not intended as an investment advice and/or recommendation. The information provided is not presented as suitable or based on your specific need. You are responsible for your own investment decisions and you should not trade with money you cannot afford to lose. Any views or opinions presented in this Article are solely those of the author and do not necessarily represent those of the Company, unless otherwise specifically stated. The Company may provide the general commentary which is not intended as an investment advice and must not be construed as such. Seek advice from a separate financial advisor if an investment advice is needed. The Company assumes no liability for errors, inaccuracies or omissions, inaccuracies or incompleteness of information, texts, graphics, links or other items contained within this article/material.