UK GDP readings showed Britain’s economy grew strongly than expected, with the second quarter reading ticking up to 0.9%, and the YoY reaching 3.2% as expected. The up beating number however, was not enough to boost Pound, and the GBP/USD finally succumbed to dollar strength, trading now sub 1.6200 and at fresh 2-week low.
Technically, the 4 hours chart shows price extending below the 61.8% retracement of the latest bullish run at 1.6230, heading towards September 16th low around 1.6160 as immediate support. Indicators in the mentioned time frame are clearly bearish, heading lower into negative territory, which means a break through mentioned support should lead to a continued slide, short term towards 1.6100/20 price zone, but looking for a full 100% retracement towards 1.6051 this month low.
Above 1.6230 the bearish pressure may ease and the pair recover up to 1.6270/80 area, next Fibonacci resistance as per being the 50% retracement of the mentioned rally.
View Live Chart for GBP/USD
Technically, the 4 hours chart shows price extending below the 61.8% retracement of the latest bullish run at 1.6230, heading towards September 16th low around 1.6160 as immediate support. Indicators in the mentioned time frame are clearly bearish, heading lower into negative territory, which means a break through mentioned support should lead to a continued slide, short term towards 1.6100/20 price zone, but looking for a full 100% retracement towards 1.6051 this month low.
Above 1.6230 the bearish pressure may ease and the pair recover up to 1.6270/80 area, next Fibonacci resistance as per being the 50% retracement of the mentioned rally.
View Live Chart for GBP/USD
Recommended Content
Editors’ Picks
AUD/USD eases toward 0.6500 after mixed Australian trade data
AUD/USD is seeing some fresh selling interest in the Asian session on Thursday, following the release of mixed Australian trade data. The pair has stalled its recovery mode, as the US Dollar attempts a bounce after the Fed-led sell-off.
USD/JPY rebounds above 156.00 after probable Japan's intervention-led crash
USD/JPY is staging a solid comeback above 156.00, having lost nearly 450 pips in some minutes after the Japanese Yen rallied hard on another suspected Japan FX market intervention in the late American session on Wednesday.
Gold price stalls rebound below $2,330 as US Dollar recovers
Gold price is holding the rebound below $2,330 in Asian trading on Thursday, as the US Dollar recovers in sync with the USD/JPY pair and the US Treasury bond yields, in the aftermath of the Fed decision and the likely Japanese FX intervention.
Top 3 Price Prediction BTC, ETH, XRP: Altcoins to pump once BTC bottoms out, slow grind up for now
Bitcoin reclaiming above $59,200 would hint that BTC has already bottomed out, setting the tone for a run north. Ethereum holding above $2,900 keeps a bullish reversal pattern viable despite falling momentum. Ripple coils up for a move north as XRP bulls defend $0.5000.
The FOMC whipsaw and more Yen intervention in focus
Market participants clung to every word uttered by Chair Powell as risk assets whipped around in a frenetic fashion during the afternoon US trading session.