GBPUSD: Upward price momentum has not appeared yet!
The GBP/USD pair is seeing a continuation of its strong downtrend, with the lowest since November 17 recorded during Tuesday's Asian session. Currently, GBP/USD is re-approaching the bottom of the monthly descending channel at 1.2440, and a test of this level is underway.
Last Friday's low of 1.2430 is also in the market's sights. A clear break through this support could open the door towards 1.2370, and if the decline continues, there is no other obvious support until 1.2220.
For the pair to recover, a break above 1.2505 is needed as a first step, where a large uncovered order volume is likely to be the driving factor for a further pullback to come. level 1.2565. These developments will be important in determining the near-term trading strategy for GBP/USD, especially given the current climate in the global foreign exchange market.
Last Friday's low of 1.2430 is also in the market's sights. A clear break through this support could open the door towards 1.2370, and if the decline continues, there is no other obvious support until 1.2220.
For the pair to recover, a break above 1.2505 is needed as a first step, where a large uncovered order volume is likely to be the driving factor for a further pullback to come. level 1.2565. These developments will be important in determining the near-term trading strategy for GBP/USD, especially given the current climate in the global foreign exchange market.
Transaction en cours
🚀 Elevate your trades with a 20-year market veteran!
📈 Forex & XAU/USD Channel:
t.me/+aAiSpQb7RdJkN2Y9
📈 Forex & XAU/USD Channel:
t.me/+aAiSpQb7RdJkN2Y9
