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03.02.2023 04:33 PM
GBP/USD: downside continuation in cards

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GBP/USD 1.2103 As Critical Obstacle!

The GBP/USD pair crashed in the short term as the US reported positive economic data today. The USD dragged the pair lower and now is almost to hit the 1.2103 historical level (former low), which stands as a downside obstacle.

Staying above it may announce a new potential growth. Dropping below the 1.2262 former low signaled strong sellers and a downside continuation. Technically, the rate retested the broken 1.2262 confirming the breakdown.

GBP/USD Trading Conclusion!

Dropping and stabilizing below 1.2103 may announce a deeper drop and could help the sellers to catch a major drop in this market.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
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