GBPUSD: Correction, continued recovery and strong decline
Hello everyone, it's great to reconnect with you today, especially as we dive into the topic of GBPUSD!
Today, GBP/USD traded sideways around 1.2622 early Friday. The market is likely to be quiet in light trading on Good Friday. Later in the day, the US Core Personal Consumption Expenditures Price Index will be released. This will directly impact GBPUSD whether they have a new bullish breakout or decline as predicted.
In scenario 1: Expect the current price correction to continue until it reaches the 1.2600 support level. A break below this level will see the price continue to correct significantly, while sustaining this level will result in a price increase. It is expected to recover after the adjustment.
In scenario 2: We may prioritize selling as the fundamentals are negative for GBPUSD (evidenced by the bearish channel not yet over)
Today, GBP/USD traded sideways around 1.2622 early Friday. The market is likely to be quiet in light trading on Good Friday. Later in the day, the US Core Personal Consumption Expenditures Price Index will be released. This will directly impact GBPUSD whether they have a new bullish breakout or decline as predicted.
In scenario 1: Expect the current price correction to continue until it reaches the 1.2600 support level. A break below this level will see the price continue to correct significantly, while sustaining this level will result in a price increase. It is expected to recover after the adjustment.
In scenario 2: We may prioritize selling as the fundamentals are negative for GBPUSD (evidenced by the bearish channel not yet over)
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