New weekly GBPUSD trading ideas
Updated
Hello dear friends! GBP/USD is in a better state on Friday, recovering from the low of 1.2603 and holding well at the current level of around 1.268. Hawkish comments from Bank of England (BoE) officials have strengthened the British pound and provided some meaningful momentum for this currency pair.
However, looking at the chart, despite the upward trend and the rising price trendline still in effect, GBPUSD has transitioned into a sideways movement and is being limited in its recovery below the level of 1.2718. Therefore, a stronger decline can be expected if the exchange rate breaks below 1.2605, the immediate support level.
However, looking at the chart, despite the upward trend and the rising price trendline still in effect, GBPUSD has transitioned into a sideways movement and is being limited in its recovery below the level of 1.2718. Therefore, a stronger decline can be expected if the exchange rate breaks below 1.2605, the immediate support level.
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