GBPUSD continues to remain in a downtrend
Hello everyone, let's discuss and strategize our new day!
Overall, GBPUSD experienced significant volatility over the past day with the downside breaking through the upside channel at 1.2676. It is currently trading at 1.2551, after touching 1.2520, marking a 0.09% gain on the day.
On impact news: The British Pound fell late Wednesday in North American trading, falling more than 1% against the US Dollar, following the release of US inflation data. Expectations of fewer interest rate cuts by the US Federal Reserve prompted a flight to the Greenback, hitting new year-to-date (YTD) highs via the US Dollar Index (DXY) .
It seems that the downtrend has officially returned after a breakthrough following two peaks. GBP is currently in a corrective recovery phase, receiving support at 1.2520. According to the Fibonacci tool from Trading View, after a recovery period reaching 0.618 (1.02592), the price has started to decline again.
Ralph Benjamin still maintains strong belief in the downtrend next week. Once the current support level is broken, there will be nothing to stop GBP from falling further. What are your thoughts on this perspective?
Overall, GBPUSD experienced significant volatility over the past day with the downside breaking through the upside channel at 1.2676. It is currently trading at 1.2551, after touching 1.2520, marking a 0.09% gain on the day.
On impact news: The British Pound fell late Wednesday in North American trading, falling more than 1% against the US Dollar, following the release of US inflation data. Expectations of fewer interest rate cuts by the US Federal Reserve prompted a flight to the Greenback, hitting new year-to-date (YTD) highs via the US Dollar Index (DXY) .
It seems that the downtrend has officially returned after a breakthrough following two peaks. GBP is currently in a corrective recovery phase, receiving support at 1.2520. According to the Fibonacci tool from Trading View, after a recovery period reaching 0.618 (1.02592), the price has started to decline again.
Ralph Benjamin still maintains strong belief in the downtrend next week. Once the current support level is broken, there will be nothing to stop GBP from falling further. What are your thoughts on this perspective?
Trade active
Trade active
Related Ideas
