GBPUSD → Support retest amid falling dollar

5 Ağu 2024

GBPUSD is testing trend support for a breakout, but the situation is complicated by the difficult economic state of the Dollar... GBPUSD is going flat.



Technically, GBPUSD could have a chic bullish outlook, provided buyers hold 1.27 support.
Fundamentally, things are quite complicated, but more positive for the currency pair's growth: there is a high chance of recession in the US due to last week's unexpected data, indicating a very rapid slowdown in the economy. Rumors of the possibility of an emergency interest rate cut by the US Fed are forming. Also, in UK: Composite PMI +0.5%, Services PMI +0.4%).
Technically: it is worth paying attention to the flat 1.28000 - 1.27000. If the bulls hold the lower boundary and bring prices back beyond 1.28 with further consolidation, we should expect a positive outcome and a northward course.

Resistance levels: 1.2818, 1.2894
Support levels: 1.2707, 1.2615

Emphasis on this range, the flat boundaries play a key role for the medium-term perspective

Rate, share your opinion and questions, let's discuss what's going on with ★GBPUSD ;)

Regards R. Linda!

6 Ağu 2024

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