The GBP/USD pair on the M30 timeframe presents a potential selling opportunity due to a recent downward breakout from a triangle pattern.
Sell Entry: Consider entering a short position around the current price of 1.2675, positioned close to the breakout level. This offers an entry point near the perceived shift in momentum.
Target Levels: Initial bearish targets lie at the following levels: 1.2618 and 2.2595.
Stop-Loss: To manage risk, place a stop-loss order above the broken resistance line of the triangle, ideally around 1.2720. This helps limit potential losses if the price reverses and breaks back upwards.
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Safe-haven flows: Ongoing geopolitical tensions and concerns about a global economic slowdown are driving investors towards safe assets like the USD.
Hawkish Fed expectations: The market anticipates the Federal Reserve to maintain its hawkish stance on monetary policy, further supporting the USD.
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The dollar jumped against the euro and yen on Wednesday as investors positioned for U.S. and European inflation data due on Thursday, with month-end portfolio rebalancing also likely to sway market direction.