GBP/USD steadies above 1.3050
Hello dear friends!
As we predicted, GBP/USD fluctuated and fell sharply until 1.302 and completed the sell target as mentioned earlier.
However, the price quickly reversed and stabilized around 1.306. The upside momentum of GBP/USD may be limited by the sustained strength of the US dollar, due to the geopolitical risks looming around the world and concerns about China's economy, keeping the pair within a familiar range.
In conclusion, GBP/USD is still in a downtrend, but the selling pressure has gradually decreased and the possibility of a move to the upside is due to the convergence signs from the trend line and RSI indicator. The support level around 1.302 - 1.300 has not been broken yet and remains a bright spot for GBP/USD to recover.
As we predicted, GBP/USD fluctuated and fell sharply until 1.302 and completed the sell target as mentioned earlier.
However, the price quickly reversed and stabilized around 1.306. The upside momentum of GBP/USD may be limited by the sustained strength of the US dollar, due to the geopolitical risks looming around the world and concerns about China's economy, keeping the pair within a familiar range.
In conclusion, GBP/USD is still in a downtrend, but the selling pressure has gradually decreased and the possibility of a move to the upside is due to the convergence signs from the trend line and RSI indicator. The support level around 1.302 - 1.300 has not been broken yet and remains a bright spot for GBP/USD to recover.
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