Here’s looking at the GBPUSD

Good Morning Dynamic Traders,

I have decided to kick off by following the GBPUSD.

I will start off by getting familiar with the GBP again, then as the week progresses we can look in the GBPUSD in more depth.

From looking at the weekly chart we can see that price has been in an uptrend since the beginning of the year. However from the daily chart (below) you can see that price has seemed to have stumbled, and has dropped slightly.
Why’s this?

There are a couple for reasons for this drop, the first being that price has hit the figure. Another reason comes from the MACD, but also remember last Friday was the NFP, which we can clearly see had some effect on price.

So where do you think price will go next?

Happy Trading

Richard Monnery