GBPUSD: Will it recover or correct?
Hello everyone, let's discuss and plan for our new day!
In general, currently GBPUSD continues to trade in a downtrend, similar to the influence from last week's down channel. It is currently halted at the 1.2640 mark, after reaching the 1.2655 mark, marking a 0.03% gain on the day.
GBP/USD markets attracted some buyers for the second day in a row, despite a lack of bullish conviction. Growing bets on an imminent BoE rate cut continue to limit GBP's gains. Expected three Fed rate cuts in 2024 will keep the dollar on the defensive and support lending.
In the current context, we expect a pullback, following a retest of the Fibonacci 0.618 i.e. 1.2662. As long as GBPUSD makes a false breakout from the current support level, we can expect a bearish scenario at the 1.2500 liquidity zone.
In general, currently GBPUSD continues to trade in a downtrend, similar to the influence from last week's down channel. It is currently halted at the 1.2640 mark, after reaching the 1.2655 mark, marking a 0.03% gain on the day.
GBP/USD markets attracted some buyers for the second day in a row, despite a lack of bullish conviction. Growing bets on an imminent BoE rate cut continue to limit GBP's gains. Expected three Fed rate cuts in 2024 will keep the dollar on the defensive and support lending.
In the current context, we expect a pullback, following a retest of the Fibonacci 0.618 i.e. 1.2662. As long as GBPUSD makes a false breakout from the current support level, we can expect a bearish scenario at the 1.2500 liquidity zone.
Trade active
Trade active
Comment:
The 0.618 Fibonacci touch zone is effective
Related Ideas
