We’re on the most critical day of an important week. Along with the UK and US News Feed, significant changes in GBPUSD parity can be monitored. With the release of GDP and Manufacturing Production data from the UK and the release of FOMC meeting minutes from the US, Fed Chairman Powell’s presentation was noted as the most important developments of today. The fact that developments from both the UK and the US are taking place may also make GBPUSD parity the most remarkable asset of the day.
Prior to the important agenda items, GBPUSD parity continues in the negative band on the Envelopes indicator. While the upper point of the band is in the range of 1.2500 – 1.2555, the parity may wish to continue its selling status under the relevant range.
Main scenario: GBPUSD parity may wish to continue its short – term negative outlook under the range of 1.2555-1,2500. The 1.2438 and 1,2400 supports are possible levels that could be targeted with this idea. In case of 1.2400 level break down, sales may accelerate towards 1.22320.
Alternative Scenario: In order for the GBPUSD parity to generate a positive course, the range of 1.2555 – 1.2500 should be crossed upwards. With this change, rising towards 1,2605 and 1,2660 levels can be monitored. If the 1.2660 level is crossed upward, the buying towards 1.22765 can be accelerated.
Pivot: 1,2555 – 1,2500
Support: 1,2438 – 1,2400 – 1,2360 – 1,2320
Resistance: 1,2500 – 1,2555 – 1,2605 – 1,2660