GBPUSD: Remains confined in a narrow band
Updated
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GBPUSD is still trying to recover from its losses. The Relative Strength Index (RSI) on the 4-hour chart remains below 30, indicating an oversold condition. The GBP/USD is trading slightly below the lower limit of the descending regression channel. If this currency pair undergoes a technical correction, it may encounter resistance levels at 1.2200, 1.2240, and 1.2300.
On the other hand, 1.2130 is considered an immediate support level before 1.2100 (psychological level, static level), and 1.2050.
GBPUSD is still trying to recover from its losses. The Relative Strength Index (RSI) on the 4-hour chart remains below 30, indicating an oversold condition. The GBP/USD is trading slightly below the lower limit of the descending regression channel. If this currency pair undergoes a technical correction, it may encounter resistance levels at 1.2200, 1.2240, and 1.2300.
On the other hand, 1.2130 is considered an immediate support level before 1.2100 (psychological level, static level), and 1.2050.
Note
good luckNote
The US Department of Treasury will hold a 5-year US Treasury note auction in the American session on Thursday. In case there is a strong demand for bonds and a noticeable decline in the high-yield outcome, the USD could lose its strength. Nonetheless, investors are likely to stay focused on political developments in the US.Note
Prices are falling, plans are going as expected
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