GBP/USD! The downtrend continued Monday

✍️ NOVA hello everyone, Let's comment on GBP/USD next Monday

🔥 World situation:
The GBP/USD plunged below the 1.2200 mark as the Friday trading session drew to a close, highlighting the ongoing challenge of a strong bearish trend for the currency pair.

The Bank of England (BoE) remains deeply concerned about inflation, leaving the UK with little option but to confront persistently high interest rates. As prices continue to rise above the BoE's desired level, hopes for interest rate cuts are distant for investors seeking relief from borrowing and funding expenses.

🔥 Identify:
Price is still in the downtrend zone, along with PMI data that is not very good for GBP. So specifically, on Monday, the price remained sideways and decreased slightly

🔥 Technically:
Based on the resistance and support areas of the GBP/USD price according to the H4 frame, NOVA identifies the important key areas as follows:

Resistance: 1.22600
Support : 1.21130

🔥 NOTE:
Note: Nova wishes traders to manage their capital well
- take the number of lots that match your capital
- Takeprofit equal to 4-6% of capital account
- Stoplose equal to 2-3% of capital account
- The winner is the one who sticks with the market the longest

Commentaire:

During the Asian session on Monday, the GBP/USD pair encounters a level of support in close proximity to the 100-hour Simple Moving Average (SMA). However, it faces difficulty in garnering substantial buying interest and remains confined within a range slightly below the 1.2200 mark.

Commentaire:

Exact trend

+ 200 pips