Dear friends, GBPUSD continues to decline as predicted yesterday. It is currently trading in a narrow range around 1.2110. We are awaiting new catalysts from the Fed Chairman's speech later today to determine a clearer direction for the future.
Regarding technical analysis:
The market has formed a strong resistance level, acting as a consistent boundary. The price has tested this level multiple times, creating a shelf-like structure.
We expect GBPUSD to decline further, with an anticipated decrease around 1.2040.
What about you? Do you agree with this analysis?
Regarding technical analysis:
The market has formed a strong resistance level, acting as a consistent boundary. The price has tested this level multiple times, creating a shelf-like structure.
We expect GBPUSD to decline further, with an anticipated decrease around 1.2040.
What about you? Do you agree with this analysis?
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The US future stock index has decreased from 0.1% to 0.2%. If the cash flow is safe to dominate in the context of escalating geopolitical tensions at the end of the day, GBP/USD may have difficulty achieving traction.
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British Pound weakens after retail sales data
Weak retail sales data is one reason the pound is weakening. Currently GBP/USD is recovering to 1.2125 but this is largely due to the strong depreciation of the Dollar.
Weak retail sales data is one reason the pound is weakening. Currently GBP/USD is recovering to 1.2125 but this is largely due to the strong depreciation of the Dollar.
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With a quiet Monday in the economic calendar, GBP traders will wait for data on labor and purchasing management index (PMI) of the United Kingdom on Tuesday.
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