The GBPUSD is headed towards the previous swing low at 1.31900. The dollar is gaining additional bullish momentum following Joe Biden's State of the Union speech yesterday.
This is confirmed by the fact that the price action, following a temporary consolidation, was able to break down below the 61.8% Fibonacci retracement level at 1.33874 decisively.
Before the downtrend can continue heading further down south, a temporary pullback to the 61.8% Fibonacci may take place first.
This is confirmed by the fact that the price action, following a temporary consolidation, was able to break down below the 61.8% Fibonacci retracement level at 1.33874 decisively.
Before the downtrend can continue heading further down south, a temporary pullback to the 61.8% Fibonacci may take place first.
