GBP/USD Brief Update
GBP/USD is currently recovering from the lows due to the weakening USD amid market expectations that the Fed will pause its rate hike. However, the pair is still moving cautiously around 1.3000 in the European session on Wednesday, as traders await key releases: the UK Autumn Budget, the US ADP jobs data, and the Q3 Preliminary GDP report due later in the day.
On the technical chart, the support level of 1.2970, defined by the 34-day EMA, remains as a stable pivot. At the same time, the recent bearish wedge breakout is reinforcing the uptrend, suggesting that buyers are in control in the medium and long term. Victor expects that, in the short term, GBP/USD will continue to move upwards with the next targets on H1 at 1.3050 and 1.3100.
Get ready for the wave and good luck trading!
On the technical chart, the support level of 1.2970, defined by the 34-day EMA, remains as a stable pivot. At the same time, the recent bearish wedge breakout is reinforcing the uptrend, suggesting that buyers are in control in the medium and long term. Victor expects that, in the short term, GBP/USD will continue to move upwards with the next targets on H1 at 1.3050 and 1.3100.
Get ready for the wave and good luck trading!
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