GBP/USD:Technical Outlook
Updated
Fundamental Analysis :
The GBP/USD pair is currently navigating a complex landscape in light of the Bank of England's decision to raise interest rates as a measure to counteract increasing inflation. However, a dichotomy emerges as the UK continues to grapple with higher inflation rates compared to the USA. This incongruity might lead to a prolonged period of hawkishness or a potential halt in rate hikes by the BOE. This situation could prompt investors to divert their attention from the UK economy and seek refuge in safer investment assets such as the USD or precious metals like XAU.
Technical Analysis:
the GBP/USD price is currently confined within a consolidation zone, exhibiting signs of bullish weakness that suggest the possibility of an ongoing bearish trend. However, it's important to acknowledge that this doesn't yet provide a definitive confirmation of such a trend. The eventual breakout from this consolidation could give rise to either of two scenarios, each carrying significant implications for the future direction of the currency pair.
Targets: 1.25400, 1.23400 Bearish Scenario
Targets: 1.28800, 1.30800 Bullish Scenario
GBPUSD https://www.tradingview.com/x/5MH47OX9/
"Stay disciplined and patient"
"Keep analysis simple and concise"
"Have a risk management strategy"
"Trade with a clear mind"
The GBP/USD pair is currently navigating a complex landscape in light of the Bank of England's decision to raise interest rates as a measure to counteract increasing inflation. However, a dichotomy emerges as the UK continues to grapple with higher inflation rates compared to the USA. This incongruity might lead to a prolonged period of hawkishness or a potential halt in rate hikes by the BOE. This situation could prompt investors to divert their attention from the UK economy and seek refuge in safer investment assets such as the USD or precious metals like XAU.
Technical Analysis:
the GBP/USD price is currently confined within a consolidation zone, exhibiting signs of bullish weakness that suggest the possibility of an ongoing bearish trend. However, it's important to acknowledge that this doesn't yet provide a definitive confirmation of such a trend. The eventual breakout from this consolidation could give rise to either of two scenarios, each carrying significant implications for the future direction of the currency pair.
Targets: 1.25400, 1.23400 Bearish Scenario
Targets: 1.28800, 1.30800 Bullish Scenario
GBPUSD https://www.tradingview.com/x/5MH47OX9/"Stay disciplined and patient"
"Keep analysis simple and concise"
"Have a risk management strategy"
"Trade with a clear mind"
Note
price is still at range zone, it can goes up again with some bullish momentum or just move around the consolidation area then fall again
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