GBP/USD extends losses below 1.2150 on hot US data
Updated
Let's explore the market today with Selena.
Today, GBP/USD continues its losing streak that began on September 20th, trading below the 1.2150 level. Optimistic economic data from the United States reinforces the current pressure on this currency pair.
When this pair stabilizes above the 1.216 level, it could recover towards the 1.2230 level (the midpoint of the descending channel) and the 1.2250-1.2260 range (the upper limit of the descending channel, a static level).
On the other hand, a short-term support level seems to have formed at 1.2170. A breach of this level could open up opportunities for a price decline towards 1.2130 (a static level since February) and 1.2100 (a psychological level).
Today, GBP/USD continues its losing streak that began on September 20th, trading below the 1.2150 level. Optimistic economic data from the United States reinforces the current pressure on this currency pair.
When this pair stabilizes above the 1.216 level, it could recover towards the 1.2230 level (the midpoint of the descending channel) and the 1.2250-1.2260 range (the upper limit of the descending channel, a static level).
On the other hand, a short-term support level seems to have formed at 1.2170. A breach of this level could open up opportunities for a price decline towards 1.2130 (a static level since February) and 1.2100 (a psychological level).
Note
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