GBP/USD Maintains Short-Term Downtrend
Updated
On the 4-hour chart, GBP/USD continues its downtrend as it trades around 1.2523. The 34 EMA and 89 EMA are still pointing down, reinforcing selling pressure. The price is currently below both EMAs, indicating that the downtrend is still in place.
Currently, the key support zone is around 1.2500, and if broken, the price could continue to decline to 1.2450 or deeper. On the contrary, the nearest resistance zone is at 1.2550. A strong breakout through this zone could open the door for a slight increase to 1.2600, but this possibility has not been confirmed.
I believe that GBP/USD will continue to be under downward pressure in the near term, with the USD supported by positive US economic data and expectations of high interest rates.
Currently, the key support zone is around 1.2500, and if broken, the price could continue to decline to 1.2450 or deeper. On the contrary, the nearest resistance zone is at 1.2550. A strong breakout through this zone could open the door for a slight increase to 1.2600, but this possibility has not been confirmed.
I believe that GBP/USD will continue to be under downward pressure in the near term, with the USD supported by positive US economic data and expectations of high interest rates.
Trade closed: target reached
Join my team to access free trading signals with:
👉🏻 Winning rate of up to 85%! Every day,
👉🏻 You'll receive 5-7 high-quality signals.
Click here to join the group: t.me/+dv8TI5LsqY8yNWI9
👉🏻 Winning rate of up to 85%! Every day,
👉🏻 You'll receive 5-7 high-quality signals.
Click here to join the group: t.me/+dv8TI5LsqY8yNWI9
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.