Following the DXY's decline, the British pound surged back above the trendline connecting lower highs between 2014 to 2021, aligning with a key resistance at the 0.618 Fibonacci retracement of the downtrend between the September 2024 high (1.3434) and the January 2025 low (1.2099) at 1.2945.
Current Market Setup:
Key Levels to Watch:
Key Events This Week:
- Razan Hilal, CMT
Current Market Setup:
- RSI on the 3-day time frame is now overbought, aligning with the inverted head and shoulders target formed by the RSI trend near oversold levels, reinforcing reversal potential.
- Further downside risks persist, with market sentiment hinging on growth data, trade war developments, and US inflation figures.
Key Levels to Watch:
- A decisive close above 1.2850 could pave the way toward 1.3020, 1.3160, and 1.34.
- Failure to hold gains could trigger a pullback toward key support zones at 1.28, 1.27, and 1.2570.
Key Events This Week:
- US CPI
- UK GDP
- Trade War Developments
- Razan Hilal, CMT
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.