Market condition change
Last week we did post about the possible bullish market condition in the GBPUSD and the GBPJPY. But we also mentioned that the interest rate announcement from the FED could change the sentiment of the market, and it did.
For pairs like the EURUSD where there was a bullish market condition, the market entered into a consolidation period with a bearish bias, and the same happened to the USDCHF (mirroring the EURUSD) was in a bearish market condition, but now it is in a consolidation period with a bullish bias.
For the GBPUSD and the GBPJPY, both of them were in a bullish market condition, but suddenly after the interest announcement the market condition changed the other way around to a bearish market condition. The good news is that we still have some room before the market hits its next long term support level, hope we are able to open position in these two pairs.
We’ll be updating you about the market condition during the week.