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British Pound / U.S. Dollar
Short

GBPUSD → The rallies in GBP continue. Falling to 1.26?

By RLinda
Updated
GBPUSD on Friday updates the local low and confirms the bearish nature of the market. Since the opening session traders have been trying to buy back some of the decline and are heading towards the liquidity zone, from which bears may intensify selling

snapshot

Traders increased selling in GBP to a 16-month high amid expectations that the Central Bank of England will start cutting interest rates sooner than the US Fed. Investors are expecting the GDP of both countries (UK and US) on Wednesday and Thursday. This will help to form a medium-term strategy.
Technically, price is heading towards the 1.270 zone of interest (psychological area), which previously played the underlying consolidation support. A retest and capture of the liquids could change the imbalance in the market, which could lead to an intensified sell-off from the said area

Resistance levels: 1.27, 1.275
Support levels: 1.26, 1.257

The dollar index looks stronger than the pound sterling, which continues to weaken due to fundamental reasons. The Feds are not yet ready to take premature action, which generally determines a negative fundamental background for the currency pair.

Regards R. Linda!
Trade active
Price is testing the area of interest
Price consolidation below 1.27 will form a bearish potential
Trade active
snapshot
The currency pair is consolidating below the key resistance from which the downward momentum may resume
Trade active
A rebound from the specified resistance area is formed.
Trading with a small stop loss allows you to quickly take the target, for example 3 to 1 (base value)
Trade closed: target reached
Target 1 reached!
Trade active
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Trade active
snapshot
Trade active
snapshot
Retest of the key support is forming
Traders do not believe in the change of the market character to bullish.
The fall will continue after the breakout of the nearest support
Ascending ChannelChart PatternsDXYelliottwaveretracementFibonacci RetracementFLATFundamental AnalysisGBPUSDSupport and ResistanceTrend AnalysisTrend Line BreakZigzag
RLinda
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