GBPUSD | Perspective for the new week | Follow-up

U.S. consumer spending rose moderately in February, while inflation showed signs of cooling hereby boosting hopes the Federal Reserve would be less aggressive in hiking interest rates. On the other hand, a dim economic outlook overshadows data revealing Britain avoided a recession in the final months of 2022 could be a turning point for the Sterling as it hit resistance again at the close of last week's trading session at the $1.24500 zone. In this video, we did a technical analysis of the current market structure to decipher what to look out for in the coming week as all eyes will be on the NFP data amongst other high-impact macroeconomic events this week.

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The new month has started on a bearish note and we are going to use the newly identified range on the 1H timeframe to guide our trading activities for today.

Good morning

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Fall out from our live session this morning

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Selling pressure might resume any time soon

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Price action conitnues to find higher high hereby missing out on this bullish momentum. A breakout/retest of the 1.24200 level will welcome buying opportuniites today. See you soon at the morning live session

Good morning

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Fall out from our morning live session, secure buy position

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The consolidation phase extends into the early hours of today. Ensure all buy positions are secured while we wait for more trading opportunities.

Good morning

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Be on standby

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Secure sell position

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Price action takes out the sell position as buying pressure resumes. Let's hold on and see how price action reacts to the 1.24700 Level for the next line of action.

Good morning

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Just as discussed during our live session this morning. 2 positions running in profit, secure all sell positions

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Buying pressure resumes as the tendency of the breakout/retest of the trendline increases. A detailed explanation of the current market structure ahead of the NFP during our morning live session.

Good morning

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UPDATE

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Secure sell position

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The Greenback's immediate reaction to the below expectation of NFP data has been bullish so far. Ensure the position is secured

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Secure sell position as the second position was triggered at the breakdown of the 1.24200 level