GBP/USD: Short-Term Rebound or a Selling Opportunity ?
Updated
Hello everyone, what’s your take on the GBP/USD trend?
Currently, GBP/USD is seeing a slight recovery above 1.248, marking a 0.5% daily gain since the start of Monday’s session. The pair benefits from the sluggish performance of the US Dollar, despite weak risk sentiment early in the week driven by the anticipation of US Non-Farm Payrolls (NFP).
Outlook:
While the pair has rebounded, this movement appears to be a short-term correction within the broader bearish trend. On the 1D timeframe, GBP/USD remains confined within a descending wedge, reflecting a sustained bearish stance.
Additionally, the downward momentum is supported by the technical alignment of the EMA 34 and 89, which continue to signal a bearish reversal.
If the price remains below the 1.257 resistance level, it may be prudent to consider sell strategies, especially when GBP/USD approaches the descending trendline I’ve marked.
What’s your view on GBP/USD? Feel free to share your thoughts in the comments below!
Currently, GBP/USD is seeing a slight recovery above 1.248, marking a 0.5% daily gain since the start of Monday’s session. The pair benefits from the sluggish performance of the US Dollar, despite weak risk sentiment early in the week driven by the anticipation of US Non-Farm Payrolls (NFP).
Outlook:
While the pair has rebounded, this movement appears to be a short-term correction within the broader bearish trend. On the 1D timeframe, GBP/USD remains confined within a descending wedge, reflecting a sustained bearish stance.
Additionally, the downward momentum is supported by the technical alignment of the EMA 34 and 89, which continue to signal a bearish reversal.
If the price remains below the 1.257 resistance level, it may be prudent to consider sell strategies, especially when GBP/USD approaches the descending trendline I’ve marked.
What’s your view on GBP/USD? Feel free to share your thoughts in the comments below!
Trade active
✅Are you looking for high-quality trading signals, in-depth market knowledge, and free support?
Join me and gain access to all of this for free!
✅Click the link below:
t.me/+m9DoMhyS-9VhOTBl
Join me and gain access to all of this for free!
✅Click the link below:
t.me/+m9DoMhyS-9VhOTBl
Related publications
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.