GBPUSD: Will there be another price drop?
Updated
Hello dear friends, Today GBPUSD continues its sideways movement as the price quickly dropped to a support level but recovered swiftly. At the time of writing, the price is trading at 1.2617, up 0.15% for the day.
From an analysis perspective, it can be observed that in the short term, there is a high probability that the price will quickly decrease to the designated level as it remains below the exponential moving average EMA 34.
Currently, GBPUSD is operating near the resistance level of 1.2650, with immediate support at 1.2530. Breaking below this support level will open up the opportunity for further price decline for this currency pair towards lower levels at 1.2500 and 1.2400 as shown on the 1D analysis chart.
From an analysis perspective, it can be observed that in the short term, there is a high probability that the price will quickly decrease to the designated level as it remains below the exponential moving average EMA 34.
Currently, GBPUSD is operating near the resistance level of 1.2650, with immediate support at 1.2530. Breaking below this support level will open up the opportunity for further price decline for this currency pair towards lower levels at 1.2500 and 1.2400 as shown on the 1D analysis chart.
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