GBP/USD bearish uncertainty
GBP/USD Fundamental and Technical Analysis (FTA)
The GBP/USD price is found in a narrow range of 1.2490-05 on September 7, 2023, staying close to the June lows. On the hourly chart, the GBP/USD is still trading below the MA (200) H1 (1.2615) moving average line. The situation is similar on the four-hour chart.
On the 30 min chart, see the mentions on the chart.
From a fundamental perspective, there are a few factors that could weigh on the GBP/USD in the near term. These include:
The ongoing political uncertainty in the UK, as the country prepares for a general election in the coming months.
The weak economic outlook for the UK, as the country grapples with high inflation and slowing growth.
The strong dollar, which is being supported by rising US interest rates.
On the technical side, the GBP/USD is currently trading below the 200-day moving average, which is a bearish signal. The pair is also trading below a number of Fibonacci retracement levels, suggesting that further weakness is possible.
However, there are also some factors that could support the GBP/USD in the near term. These include:
The Bank of England's (BoE) hawkish stance, as the central bank is expected to raise interest rates again in the coming months.
The potential for a breakthrough in the Brexit negotiations.
The weakness of the euro, which could make the GBP/USD more attractive to investors.
Overall, the outlook for the GBP/USD is mixed. The pair is likely to remain under pressure in the near term, but there are some factors that could support it in the longer term.
I hope this post is helpful.
This analysis represents only my personal thoughts and knowledge at the date it is posted.
This analysis does not represent professional and/or financial advice.
You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information or other content found on this profile before making any decisions based on such information.
Any feedback is encouraged and appreciated. Thank you and have a nice day!
The GBP/USD price is found in a narrow range of 1.2490-05 on September 7, 2023, staying close to the June lows. On the hourly chart, the GBP/USD is still trading below the MA (200) H1 (1.2615) moving average line. The situation is similar on the four-hour chart.
On the 30 min chart, see the mentions on the chart.
From a fundamental perspective, there are a few factors that could weigh on the GBP/USD in the near term. These include:
The ongoing political uncertainty in the UK, as the country prepares for a general election in the coming months.
The weak economic outlook for the UK, as the country grapples with high inflation and slowing growth.
The strong dollar, which is being supported by rising US interest rates.
On the technical side, the GBP/USD is currently trading below the 200-day moving average, which is a bearish signal. The pair is also trading below a number of Fibonacci retracement levels, suggesting that further weakness is possible.
However, there are also some factors that could support the GBP/USD in the near term. These include:
The Bank of England's (BoE) hawkish stance, as the central bank is expected to raise interest rates again in the coming months.
The potential for a breakthrough in the Brexit negotiations.
The weakness of the euro, which could make the GBP/USD more attractive to investors.
Overall, the outlook for the GBP/USD is mixed. The pair is likely to remain under pressure in the near term, but there are some factors that could support it in the longer term.
I hope this post is helpful.
This analysis represents only my personal thoughts and knowledge at the date it is posted.
This analysis does not represent professional and/or financial advice.
You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information or other content found on this profile before making any decisions based on such information.
Any feedback is encouraged and appreciated. Thank you and have a nice day!
I hope this was helpful.
This analysis represents my thoughts at the date it is posted.
This analysis does not represent professional and/or financial advice.
Trade wisely!
ymagnify.com/
This analysis represents my thoughts at the date it is posted.
This analysis does not represent professional and/or financial advice.
Trade wisely!
ymagnify.com/
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