GBP/USD consolidates in range below mid-1.2200
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The GBP/USD pair is seen hovering in a narrow trading range during the Asian session on Monday and consolidated its recent decline to its lowest since late March hit last week. Spot prices are currently trading just below the mid-1.2200s and appear vulnerable to extending the well-established downtrend from the 1.3140 area or the 15-month high touched on July 14.
The US Dollar (USD) stands near its highest level in more than six months and remains well supported by the Federal Reserve's (Fed) hawkish stance, so is seen as a key factor acting as a headwind for the GBP/USD pair.
Furthermore, on the 4-hour chart we can see that the pair is in a main downtrend. Shows that the path of least resistance for the GBP/USD pair is down.
The GBP/USD pair is seen hovering in a narrow trading range during the Asian session on Monday and consolidated its recent decline to its lowest since late March hit last week. Spot prices are currently trading just below the mid-1.2200s and appear vulnerable to extending the well-established downtrend from the 1.3140 area or the 15-month high touched on July 14.
The US Dollar (USD) stands near its highest level in more than six months and remains well supported by the Federal Reserve's (Fed) hawkish stance, so is seen as a key factor acting as a headwind for the GBP/USD pair.
Furthermore, on the 4-hour chart we can see that the pair is in a main downtrend. Shows that the path of least resistance for the GBP/USD pair is down.
Comment:
We are in a downtrend. It is likely that the market will maintain a downtrend until it can break through the resistance and hold above the resistance level.”
Comment:
good transaction
