GBPUSD Will recover after sharp decline
Updated
“The Federal Open Market Committee (FOMC) is committed to achieving a monetary policy stance that is restrictive enough to reduce inflation to 2% over time; We are not confident that we have reached such a position,” Mr. Powell said in his opening speech to a policy panel at the 24th annual Jacques Polak Research Conference, organized by the International Monetary Fund. position.
The Fed chief acknowledged that US inflation has fallen over the past year but said it was still "far above our 2% target", Powell said, but signaled the Fed was not ready to accept that inflation was sustainable low level. Inflation “has given us some fake news,” he added.
On the H4 frame, the RSI indicator dropped to 40, showing that selling pressure is accumulating. Important support is gradually forming at the 1.2200/20 area, with the 23.6% Fibo level of the down phase from the peak of September 5 to the bottom of November, the downtrend line and MA lines 100 and 200. If this support is broken, , the next target for sellers will be 1.2130 and 1.2100.
The Fed chief acknowledged that US inflation has fallen over the past year but said it was still "far above our 2% target", Powell said, but signaled the Fed was not ready to accept that inflation was sustainable low level. Inflation “has given us some fake news,” he added.
On the H4 frame, the RSI indicator dropped to 40, showing that selling pressure is accumulating. Important support is gradually forming at the 1.2200/20 area, with the 23.6% Fibo level of the down phase from the peak of September 5 to the bottom of November, the downtrend line and MA lines 100 and 200. If this support is broken, , the next target for sellers will be 1.2130 and 1.2100.
Note
💵 SELL GBPUSD 1.223 🪙🪙🪙💲TP1 1.220
💲TP2 1.219
🔴 SL 1.228
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