GBP/USD hangs near multi-month low
Updated
Let's discuss GU with Selena today!
Currently, GBP/USD is still struggling to capitalize on the modest gains from the previous day. The price of GU remains below the key level of 1.2300 and seems susceptible to extending the clearly established downward trend over the past two months.
The Relative Strength Index (RSI) indicator on the 4-hour chart is still below 30, and GBP/USD is trading near the lower boundary of the descending regression channel, indicating an oversold condition.
1.2300 is considered initial support, and closing below that level on the 4-hour chart could attract sellers. In that scenario, 1.2240 could be set as the next target for further downside towards 1.2200.
Currently, GBP/USD is still struggling to capitalize on the modest gains from the previous day. The price of GU remains below the key level of 1.2300 and seems susceptible to extending the clearly established downward trend over the past two months.
The Relative Strength Index (RSI) indicator on the 4-hour chart is still below 30, and GBP/USD is trading near the lower boundary of the descending regression channel, indicating an oversold condition.
1.2300 is considered initial support, and closing below that level on the 4-hour chart could attract sellers. In that scenario, 1.2240 could be set as the next target for further downside towards 1.2200.
Note
What are your thoughts on the market today?Note
good luck everyoneNote
Taking a look at the overall picture on our chart, it seems that the downtrend shows no signs of cooling down. GU continues to plummet to record lows in recent months and has not found support at the 1.231 price level. Therefore, it's not surprising that next week, when GU continues to decline, it won't be a big surprise.Note
GU continues its downtrend this week, currently trading at a low of 1,224Note
Note
GU has reached the expected lowNote
Pound Sterling continues a four-day losing spell as investors rush for safe-haven assets as uncertainty over global economic prospects deepens due to persistent inflation.
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