GBP/USD Rebounds Above 1.2400 as USD Weakens, Eyes on Powell.
GBP/USD reclaims 1.2400 levels as US Dollar weakens anew, focus on Powell's remarks
The GBP/USD currency pair is witnessing a resurgence above the 1.2400 threshold, after exhibiting signs of exhaustion in its downward momentum. The Cable is striving to recover ground as the US Dollar experiences a corrective decline in tandem with the retreat in US Treasury bond yields. Investors eagerly await Federal Reserve Chairman Powell's upcoming speech, which could impact market sentiment. From a technical standpoint, the recent bounce in the exchange rate faltered near a resistance level, denoted by the breach of a month-long ascending trend-channel support line. The subsequent decline reinforces the prevailing negative bias, enhancing the likelihood of a further short-term depreciation. Based on our technical analysis, we anticipate a potential pullback towards the 50% Fibonacci retracement level before considering a short setup.
The GBP/USD currency pair is witnessing a resurgence above the 1.2400 threshold, after exhibiting signs of exhaustion in its downward momentum. The Cable is striving to recover ground as the US Dollar experiences a corrective decline in tandem with the retreat in US Treasury bond yields. Investors eagerly await Federal Reserve Chairman Powell's upcoming speech, which could impact market sentiment. From a technical standpoint, the recent bounce in the exchange rate faltered near a resistance level, denoted by the breach of a month-long ascending trend-channel support line. The subsequent decline reinforces the prevailing negative bias, enhancing the likelihood of a further short-term depreciation. Based on our technical analysis, we anticipate a potential pullback towards the 50% Fibonacci retracement level before considering a short setup.
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