GBPUSD: Bearish Trend Dominates!
Hello everyone,
GBP/USD turned bearish on Tuesday, falling nearly 1% in European trading on Wednesday.
The pair faced fresh supply after BoE Governor Andrew Bailey said the central bank could become “more proactive” in cutting interest rates if inflation eases. Risk-off sentiment due to Middle East concerns also weighed on the pair, while technical indicators still do not signal a solid recovery.
With that in mind, this could be a prime Shorting opportunity, targeting the nearest support levels of 1.313 and 1.300.
GBP/USD turned bearish on Tuesday, falling nearly 1% in European trading on Wednesday.
The pair faced fresh supply after BoE Governor Andrew Bailey said the central bank could become “more proactive” in cutting interest rates if inflation eases. Risk-off sentiment due to Middle East concerns also weighed on the pair, while technical indicators still do not signal a solid recovery.
With that in mind, this could be a prime Shorting opportunity, targeting the nearest support levels of 1.313 and 1.300.
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