GBP/USD Amid Bullish Shift
Updated
GBPUSD Fundamental Analysis:
The U.S. showcases a robust GDP Growth Rate of 4.9% compared to the UK's modest 0.2%, coupled with a lower Inflation Rate of 3.7% against the UK's 6.7%. With the U.S. Interest Rate at 5.5% slightly edging out the UK's 5.25%, and a firmer labor market reflected by a 3.9% Unemployment Rate versus the UK's 4.3%, the USD stands stronger against the GBP. Despite the U.S.'s larger trade deficit of -$58.3 Billion compared to the UK's -£3415 million, the overall economic indicators favor the USD in the forex markets. Traders should, however, monitor global economic trends and central bank policies that could impact this dynamic.
Technical Analysis:
the
GBPUSD pair has established a consolidation zone ranging from 1.20 to 1.23. This sideways movement suggests a pause in the downward momentum, potentially setting the stage for a bullish reversal. A decisive break above the 1.23 resistance level could be a harbinger of bullish sentiment, propelling the pair towards the targets of 1.24, 1.25, and 1.26. These targets are not only psychologically significant but also represent key technical levelsTargets:1.24,1.25, 1.26
Overview of the Chart
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Note
Note
the price has been reached to near 0.5% Fibo, try to looking for long opportunities Note
In the latest update, the GBP/USD is showing a modest rise to 1.22444. This price movement is situated within a consolidation zone, indicating potential for a long-term bullish trend towards the identified targets. The first target (TP1) is projected at approximately 1.24890, with a further goal (TP2) around 1.26000. looks like price is entering long positions from this area could align with a long-term trading strategy aiming for these targets.
Note
One of the TP has been reachedNote
Second TP has been reached Note
All targets have been metTrade closed: target reached
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