The British Pound continued its decline to $1.2410 USD as the UK's Office for National Statistics (ONS) reported weak labor market data.
From a technical perspective, the GBP/USD pair remains supported in its downward trend, with expectations of further decline towards the round support level at $1.2400 USD.
However, there are positive signs when looking at the 4-hour chart, as prices are gradually adjusting and shifting towards a short-term upward trend. Anticipated that there will be a phase of increase towards the Simple Moving Average SMA 20, before a subsequent downward adjustment.
From a technical perspective, the GBP/USD pair remains supported in its downward trend, with expectations of further decline towards the round support level at $1.2400 USD.
However, there are positive signs when looking at the 4-hour chart, as prices are gradually adjusting and shifting towards a short-term upward trend. Anticipated that there will be a phase of increase towards the Simple Moving Average SMA 20, before a subsequent downward adjustment.
