GBPUSD (Technical and fundamental ) Bearish attention

17 juinTechnical Analysis of GBP/USD

The price already dropped after stabilizing under 1.2693, and still running to get 1.2628.

• Bearish Scenario:
  As long as the price trades below 1.2695, it is expected to drop to 1.2627. A further decline below this level could see the price reach 1.2572.
  
  
• Bullish Scenario:
  To shift to a bullish trend, the price must reverse and stabilize above 1.2700, potentially targeting 1.2783.
  
  
• Key Levels:- Pivot Price: 1.2700
  - Support Levels: 1.2627, 1.2572, 1.2541
  - Resistance Levels: 1.2780, 1.2820, 1.2898
• Today's Expected Movement Range:
  The price is expected to fluctuate between 1.2693 and 1.2627.
  
  
• Tendency: Bearish trend
  
  In summary, maintaining a position below 1.2695 supports a bearish outlook, with lower support targets in focus. Conversely, trading above 1.2700 could indicate a bullish reversal, aiming for higher resistance levels.Fundamental Analysis: US Dollar Gains Amid Key Data Releases and Fed Appearances
• US Dollar Rises Early Monday:
  The US dollar strengthened against its major trading partners early Monday, except for a slight decline versus the euro. This movement comes ahead of a busy week filled with significant data releases and appearances by Federal Reserve officials.
  
  
• Monday's Focus:- Empire State Survey: The week begins with the New York Federal Reserve's Empire State survey for June at 8:30 am ET, providing the first insight into manufacturing conditions for the month.
  - Fed Speakers: New York Fed President John Williams speaks at 12:00 pm ET, followed by Philadelphia Fed President Patrick Harker at 1:00 pm ET, and Fed Governor Lisa Cook at 9:00 pm ET.
  
  
• Tuesday's Highlights:- Key Data Releases: Retail sales and industrial production data.
  - Fed Appearances: Six scheduled appearances by Federal Reserve officials.
  
  
• Wednesday's Schedule:- Juneteenth Holiday: A lighter day with only weekly mortgage applications data and the National Association of Home Builders' sentiment data.
  
  
• Thursday's Highlights:- Jobless Claims and Housing Data: Weekly jobless claims, housing starts, and the Philadelphia Fed's manufacturing index.
  
  Friday's Highlights:- Economic Indicators: Flash data releases.
  
  In summary, the US dollar's movement this week will be closely influenced by retail sales, industrial production data, and various Federal Reserve officials' speeches, setting the stage for significant market activity.