GBPUSD Will there be a recovery tomorrow?

6 ก.ย. 2023

After today's data confirmed an expansion in the American industrial sector, the pound lost ground, bringing the exchange rate to the 1.25 zone. However, when analyzing the exchange rate, I notice a bearish structure but with significant potential for a long position. More specifically, it can be observed that the price has broken the swing low at the level of 1.2530 and subsequently spiked on the swing at the level of 1.2490. Furthermore, there is a supply box in the 1.2560-1.2580 area where it would be advisable to look for selling opportunities. So, to recap, my goal will be to look for a long position tomorrow during the London session close because we have important macroeconomic news on the dollar beforehand and then assess an entry with a target at 1.2560, which is the highlighted supply box at the top. Let me know what you think. Happy trading to all.