*GBP/USD Technical Analysis For Sell Zone:*
The GBP/USD pair is currently trading at 1.29k, approaching a key selling zone and resistance level at 1.3k.
*Selling Zone and Resistance:*
- *1.3k:* This level has been identified as a strong selling zone and resistance, where sellers are likely to enter the market and push prices lower.
*Support and Take-Profit (TP) Levels:*
- *1.25549:* This level is a strong support, where buyers may enter the market and push prices higher. TP level: 1.26500.
- *1.23683:* This level is another key support, where buyers may look to enter the market and push prices higher. TP level: 1.24500.
- *1.2k:* This level is a psychological support, where buyers may look to enter the market and push prices higher. TP level: 1.21000.
GBP/USD has dropped below 1.2900 due to a cautious market mood, despite the US Dollar consolidating weekly losses amid economic slowdown concerns. The pair's decline is attributed to the market's focus shifting to US data, including mid-tier jobs data and Fedspeak ¹.
Several key factors are influencing GBP/USD, including:
- *US Data*: The US Department of Labor will release the weekly Initial Jobless Claims data, with markets expecting a decline.
- *Fedspeak*: Investors will be watching for comments from Federal Reserve officials.
- *BoE Commentary*: The Bank of England's hawkish commentary, particularly from policymaker Megan Greene, has supported the Pound Sterling.
- *Trump's Tariffs*: The US President's decision to grant exemptions from tariffs has improved risk mood, but concerns remain about the economic impact.
The GBP/USD pair is currently trading at 1.29k, approaching a key selling zone and resistance level at 1.3k.
*Selling Zone and Resistance:*
- *1.3k:* This level has been identified as a strong selling zone and resistance, where sellers are likely to enter the market and push prices lower.
*Support and Take-Profit (TP) Levels:*
- *1.25549:* This level is a strong support, where buyers may enter the market and push prices higher. TP level: 1.26500.
- *1.23683:* This level is another key support, where buyers may look to enter the market and push prices higher. TP level: 1.24500.
- *1.2k:* This level is a psychological support, where buyers may look to enter the market and push prices higher. TP level: 1.21000.
GBP/USD has dropped below 1.2900 due to a cautious market mood, despite the US Dollar consolidating weekly losses amid economic slowdown concerns. The pair's decline is attributed to the market's focus shifting to US data, including mid-tier jobs data and Fedspeak ¹.
Several key factors are influencing GBP/USD, including:
- *US Data*: The US Department of Labor will release the weekly Initial Jobless Claims data, with markets expecting a decline.
- *Fedspeak*: Investors will be watching for comments from Federal Reserve officials.
- *BoE Commentary*: The Bank of England's hawkish commentary, particularly from policymaker Megan Greene, has supported the Pound Sterling.
- *Trump's Tariffs*: The US President's decision to grant exemptions from tariffs has improved risk mood, but concerns remain about the economic impact.
Trade closed manually
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.