GBPUSD: Recovering but price is still in the bearish channel!
On Wednesday, during the first Asian trading session, the GBP/USD pair rose to 1.2450. Optimism from April's US PMI data and increased demand for risk assets have put the US Dollar under selling pressure, which in turn boosted the price of GBPUSD. Later in the day, US Durable Goods Orders and Weekly Mortgage Applications figures will be released.
However, from a technical analysis perspective, although there have been signs of recovery, the price is still in a long-term downtrend because the price channel has not been broken and important support levels are no longer holding. solid. The price movement below the EMA 34 and 89 is still beneficial for sellers.
Pay attention to the 1.252 area, as this could continue to be a seller's target for GBPUSD.
However, from a technical analysis perspective, although there have been signs of recovery, the price is still in a long-term downtrend because the price channel has not been broken and important support levels are no longer holding. solid. The price movement below the EMA 34 and 89 is still beneficial for sellers.
Pay attention to the 1.252 area, as this could continue to be a seller's target for GBPUSD.
