GBPUSD: Recovering before the storm
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Overall, GBPUSD fell exactly as I predicted. Accordingly, it remains confined below the 1.2650 resistance level, the pair is currently trading at 1.2614, after hitting 1.2637 marking a 0.21% decline on the day.
Meanwhile, it is worth noting that: The US economic calendar will not provide any data releases that are likely to influence USD valuations and drive the pair's action. Federal Reserve (Fed) Governor Christopher Waller, who argued in late February that the Fed was in no hurry to cut policy rates, is expected to speak during the US session.
Looking ahead: Hawkish tone from Fed Governor Christopher Waller helps the US dollar rise amid a cautious trading environment ahead of key US data releases and a trading lull on Good Friday.
The hourly setup shows strong support from the market, but remains confined to the bearish channel, It is currently trading near the 1.2600 mark. In case the pair drops below that level and starts using it as resistance, the price will drop significantly. In particular, if GBPUSD maintains stability above this support level, the price will increase.
Given the current picture, can we expect GBPUSD to bounce back? And you, do you expect a wave of GBPUSD recovery? Share your thoughts on where the currency pair goes next in this exciting market!
Overall, GBPUSD fell exactly as I predicted. Accordingly, it remains confined below the 1.2650 resistance level, the pair is currently trading at 1.2614, after hitting 1.2637 marking a 0.21% decline on the day.
Meanwhile, it is worth noting that: The US economic calendar will not provide any data releases that are likely to influence USD valuations and drive the pair's action. Federal Reserve (Fed) Governor Christopher Waller, who argued in late February that the Fed was in no hurry to cut policy rates, is expected to speak during the US session.
Looking ahead: Hawkish tone from Fed Governor Christopher Waller helps the US dollar rise amid a cautious trading environment ahead of key US data releases and a trading lull on Good Friday.
The hourly setup shows strong support from the market, but remains confined to the bearish channel, It is currently trading near the 1.2600 mark. In case the pair drops below that level and starts using it as resistance, the price will drop significantly. In particular, if GBPUSD maintains stability above this support level, the price will increase.
Given the current picture, can we expect GBPUSD to bounce back? And you, do you expect a wave of GBPUSD recovery? Share your thoughts on where the currency pair goes next in this exciting market!
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