#GBPUSD @ 1.11573 bears are now taking on a new layer of support.
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- GBP/USD bears are now taking on a new layer of support.
- Bulls eye a correciton for the end of the week.
As per the prior analysis that was made after the Federal Reserve event on Wednesday and during high volatility, GBP/USD Price Analysis: Bears pounce on the bulls and drag them back to channel support, the price has followed the trajectory as forcasted.
It was stated that the price had dropped into the channel’s support following Powell’s pushback against rallying risk markets when pressed for commentary around the timings of a pivot. However, it was argued that on a break of support, there was a void of liquidity according to the rally that took place on October 25:
It as argued that the most likely trajectory from here would be for a correction prior to the next impulse to the downside, and thats what we got, woth a follow through to the next layer of support:
The price might be expected to correct at this juncture but the Nonfarm Payrolls will be the clicher in the start of the North American day on Friday:
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