GBPUSD : Return to uptrend?
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Hello dear friends!
The GBPUSD currency pair is currently pausing trading at 1.269 and has experienced a significant recovery. Following the lower-than-expected PCE inflation data, the US dollar is struggling to find demand and create favorable conditions for the pair's recovery.
From a technical analysis perspective: GBPUSD has broken out of its downtrend with a breakout above the downward trendline at 1.269. If the pair confirms that level as a new support, buyers can show interest. In this scenario, 1.2750 (static level) and 1.2790-1.2800 can be considered as resistance levels and the next target to conquer.
What do you think? Will GBPUSD rise or fall in price?
The GBPUSD currency pair is currently pausing trading at 1.269 and has experienced a significant recovery. Following the lower-than-expected PCE inflation data, the US dollar is struggling to find demand and create favorable conditions for the pair's recovery.
From a technical analysis perspective: GBPUSD has broken out of its downtrend with a breakout above the downward trendline at 1.269. If the pair confirms that level as a new support, buyers can show interest. In this scenario, 1.2750 (static level) and 1.2790-1.2800 can be considered as resistance levels and the next target to conquer.
What do you think? Will GBPUSD rise or fall in price?
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