empty
 
 
06.02.2023 06:09 PM
GBP/USD: downside continuation

The GBP/USD pair crashed after the US data on Friday. It has dropped as much as 1.2021 today where it has found support. Technically, the bias remains bearish despite temporary rebounds or sideways movements. It's trading at 1.2026 at the time of writing and it seems very heavy.

Fundamentally, the FED and BOE increased the rates as expected in the February meeting. The USD dominated the currency market after the NFP, Unemployment Rate, and ISM Services PMI came in better than expected in the last trading session.

Today, the UK Construction PMI came in at 48.4 points versus the 48.5 points expected. Tomorrow, Halifax HPI and the BRC Retail Sales Monitor will be released. On the other hand, the US Trade Balance and the Fed Chair Powell's Speaks could have a strong impact tomorrow.

GBP/USD Distribution Pattern!

This image is no longer relevant

Technically, the GBP/USD pair registered a valid breakdown below the 61.8% (1.2073) retracement level signaling a downside reversal. The rate is trapped between 1.2021 and 1.2077 levels in the short term.

The descending pitchfork's lower median line (lml) represents dynamic support. Taking out the immediate obstacles may announce more declines.

GBP/USD Forecast!

Dropping again below the lower median line (lml) and a valid breakdown below 1.2021 activates more declines and brings a new selling opportunity with a potential target at S1 (1.1920).

Dapatkan keuntungan dari perubahan nilai mata uang kripto dengan InstaForex.
Unduh MetaTrader 4 dan buka perdagangan pertama Anda.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    GABUNG KONTES
  • Chancy Deposit
    Isi akun Anda sebesar $3000 dan dapatkan $1000 lebih banyak!
    Pada April kami mengundi $1000 dalam promo Chancy Deposit!
    Dapatkan kesempatan untuk menang dengan melakukan deposit sebesar $3000 pada akun trading Anda. Setelah memenuhi persyaratan ini, Anda telah menjadi partisipan promo.
    GABUNG KONTES
  • Trade Wise, Win Device
    Top up akun anda dengan dana minimal $500, daftar kontes, dan dapatkan peluang untuk memenangkan perangkat seluler.
    GABUNG KONTES
  • 100% Bonus
    Kesempatan langka untuk mendapatkan bonus 100% pada deposit anda
    DAPATKAN BONUS
  • 55% Bonus
    Ajukan bonus 55% pada setiap deposit anda
    DAPATKAN BONUS
  • 30% Bonus
    Raih bonus 30% setiap kali anda top up
    DAPATKAN BONUS

Artikel yang direkomendasikan

Tidak bisa bicara sekarang?
Tanyakan pertanyaan anda lewat chat.
Widget callback