Could GBP/USD drop towards the 1.2050 level?
Looking at GBPUSD’s chart, we can see that the FX pair is dropped to the current rate of around $1.2188, reaching a new low for the week. At $1.2180 we expect a technical reaction as that level is the support level of the forex pair, but if it fails to hold above that level, then it could drop towards its next support level which is located at around $1.2050. Read more...
GBP/USD rebounds from 50 DMA support, climbs back above mid-1.2200s ahead of US NFP
The GBP/USD pair finds decent support near the 50-day SMA and stages a goodish intraday recovery from the 1.2185-1.2180 region, or a nearly three-week low touched earlier this Friday. The momentum allows spot prices to recover a part of the previous day's Bank of England (BoE)-inspired losses and climb back above the 1.2250 level during the mid-European session. Read more...
GBP/USD trades in the 1.22s after penetrating major trendline, traders now await US NFPs
The GBP/USD pair extends the previous day's rejection slide from the 1.2400 mark and continues losing ground for the second successive day on Friday. Spot prices drop to a nearly three-week low during the first half of the European session, with bears looking to build on the negative momentum further below the 1.2200 round-figure mark. The pair has broken below a major multi-month trendline drawn from the September 2022 lows suggesting the possibility of a dramatic shift in trend and more downside on the horizon. Read more...
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