GBP/USD: Break $1.34277 or Pull Back to $1.33605?
The GBP/USD chart on September 30th paints a dramatic scenario as the price hovers around $1.34090, preparing to confront the strong resistance at $1.34277.
This is the "wall" that if the buyers can overcome, a new journey toward higher peaks will begin.
However, the battle won’t be easy. If the price is rejected at resistance, a correction toward the support zone at $1.33605 could happen, giving the sellers the advantage. With support from the EMA 34 at $1.33816 and EMA 89 at $1.33378, the price might find stability.
What heightens the market's tension now is the influx of economic news from the U.S. Traders are anxiously awaiting key factors that will determine whether GBP/USD will see a spectacular breakout or a retracement. All will be revealed in the coming sessions!
This is the "wall" that if the buyers can overcome, a new journey toward higher peaks will begin.
However, the battle won’t be easy. If the price is rejected at resistance, a correction toward the support zone at $1.33605 could happen, giving the sellers the advantage. With support from the EMA 34 at $1.33816 and EMA 89 at $1.33378, the price might find stability.
What heightens the market's tension now is the influx of economic news from the U.S. Traders are anxiously awaiting key factors that will determine whether GBP/USD will see a spectacular breakout or a retracement. All will be revealed in the coming sessions!
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