GBP/USD risks further downside in the near term
Hello dear readers! Let's explore today's market with Selena.
Today, GU (the currency abbreviation for the British pound) continues to trade at a low level and has not yet shown much potential for price increase. Looking at the overall picture, GU is currently in a prolonged downtrend from the price level of 1.272 to now.
If this trend continues, there is a high possibility that GU will decline to the low level of 1.2300 and then receive substantial support at this price point before bouncing back.
Today, GU (the currency abbreviation for the British pound) continues to trade at a low level and has not yet shown much potential for price increase. Looking at the overall picture, GU is currently in a prolonged downtrend from the price level of 1.272 to now.
If this trend continues, there is a high possibility that GU will decline to the low level of 1.2300 and then receive substantial support at this price point before bouncing back.
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I wish you a favorable transaction
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In case GBP/USD fails to stabilize above 1.2380 (mid-point of the descending regression channel), sellers could remain interested. In that scenario, 1.2330 (lower limit of the descending channel) aligns as next support before 1.2300 (psychological level).
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good luck everyone <3
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Firming expectations that the Bank of England (BoE) is nearing the end of its rate-hiking cycle continue to undermine the British Pound (GBP) and act as a headwind for the GBP/USD pair
