The UK bear market will weaken further
Updated
The GBP/USD pair struggled to capitalize on the previous day's modest gains from the 1.2230 area or near six-month low and hovered in a narrow trading range during the Asian session on Friday. Spot prices remain below the 1.2300 round mark and appear vulnerable to an extension of the downtrend that has been well established over the past two months or so.
The US Dollar (USD) held steady just below its highest since June touched on Thursday and continued to receive support from the Federal Reserve's (Fed) hawkish outlook, which in turn was Considered a resistance for the GBP/USD pair.
The aforementioned fundamental backdrop seems to favor bearish traders and suggests that the path of least resistance for the GBP/USD pair is to the downside.
The US Dollar (USD) held steady just below its highest since June touched on Thursday and continued to receive support from the Federal Reserve's (Fed) hawkish outlook, which in turn was Considered a resistance for the GBP/USD pair.
The aforementioned fundamental backdrop seems to favor bearish traders and suggests that the path of least resistance for the GBP/USD pair is to the downside.
Note
good luck tradersNote
This pair has been trending down
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