GBP/USD Tests Key Support Zone
Updated
Currently, the GBP/USD pair is trading around 1.2763, up 0.10% from the previous session.
The British pound gained against the US dollar after the release of upbeat economic data from the UK. Specifically, the UK GDP grew by 0.2% in August, in line with market expectations. However, the US producer price index (PPI) in September rose more than expected, putting pressure on the pound.
Technically, the GBP/USD has moved above the 25-period moving average and the Ichimoku cloud, indicating a short-term bullish trend. However, indicators such as the RSI and MACD have formed bearish divergence patterns, warning of a possible correction in the near future
The British pound gained against the US dollar after the release of upbeat economic data from the UK. Specifically, the UK GDP grew by 0.2% in August, in line with market expectations. However, the US producer price index (PPI) in September rose more than expected, putting pressure on the pound.
Technically, the GBP/USD has moved above the 25-period moving average and the Ichimoku cloud, indicating a short-term bullish trend. However, indicators such as the RSI and MACD have formed bearish divergence patterns, warning of a possible correction in the near future
Trade closed: target reached
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