GBP/USD: Short-Term Recovery Amid Bearish Dominance
Updated
As of the final trading hours this Friday, GBP/USD is attempting a recovery, testing the 1.2400 level as a slight pullback in the US Dollar provides some breathing room. This comes after the pair lost over 1% in early New Year trading on Thursday. All eyes remain on the US ISM PMI data and Fedspeak for further direction.
However, this short-term recovery is widely regarded as temporary, given the prevailing bearish trend. The previous support has been broken and now serves as a new resistance level, where traders are eyeing opportunities to sell the pair again and take profits in line with the trend.
The marked target aligns with the descending trendline visible on the technical chart.
What do you think about the price trend of this pair?
However, this short-term recovery is widely regarded as temporary, given the prevailing bearish trend. The previous support has been broken and now serves as a new resistance level, where traders are eyeing opportunities to sell the pair again and take profits in line with the trend.
The marked target aligns with the descending trendline visible on the technical chart.
What do you think about the price trend of this pair?
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