Recent reports of the delta variant pandemic in Europe and the United States, and its possible economic consequences, have raised concerns among financial market participants, resulting in lower demand in stock markets.
Technically, the price of most influential stocks in the market, as well as Dow Jones and S & P500, are near historical highs, and this, along with concerns about pandemic conditions, has led to time-correction and price-correction moves. In the mid-term, however, the first possibility is that the uptrend of the indices will continue with the end of the short-term correction.
On the other hand, at the end of last week’s working day, the demand for dollars in the market decreased, and the prices of EURUSD and GBPUSD were in a short-term correction, which increased with the beginning of the new working week. However, they have returned to a bearish wave, and in the short term, there is a possibility of further price declines.
Technically, on GBPUSD, the price has reached the top of its mid-term downtrend channel and is currently reacting to this range. So the first possibility in the short term will be a continuation of the downtrend to the middle or bottom of the channel.