GBPUSD: Slight recovery in downtrend
GBP/USD continues its downward extension below the 1.3100 mark in the European session on Monday, as pressure from renewed US Dollar strength intensifies. Concerns about the potential recession in the US economy have made investors more cautious ahead of key inflation data to be released later this week.
From a technical perspective, GBP/USD has exited the ascending channel and is now trading below both EMAs. Notably, the EMA 34 has reversed, confirming a strong bearish trend. In this context, short-term selling strategies are favored, providing sellers with opportunities in the current volatile market.
Wishing you successful and enjoyable trades!
From a technical perspective, GBP/USD has exited the ascending channel and is now trading below both EMAs. Notably, the EMA 34 has reversed, confirming a strong bearish trend. In this context, short-term selling strategies are favored, providing sellers with opportunities in the current volatile market.
Wishing you successful and enjoyable trades!
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