GBP/USD --> Counter-Trend Correction Before Further Decline
Updated
GBPUSD during the correction process, the price has reached the area of interest and resistance from which further bearish momentum can be expected, in the context of the dollar returning to its upward trend.Overall, the market continues to struggle around the 1.267 area, which is considered a strong support zone. However, buyers appear to have limited opportunities to push the price higher as the dollar strengthens, fueled by Trump’s policies that exert significant pressure on the forex market.
From a technical perspective, GBP/USD is attempting to break out of the main range, testing the key support level. However, with the price currently testing strong support, we might see a corrective move toward the 1.275–1.285 area (0.618 Fibonacci retracement) before resuming the downtrend. It is also worth emphasizing the 1.256–1.248 range. A break and consolidation below this zone would confirm the bears’ intentions.
Trade active
good luck
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.