GBPUSD UP
GBP/USD clings to modest daily gains above 1.2700
GBP/USD breaks its three-day losing streak, trading around 1.2700 during the Asian session on Thursday. This upside could be attributed to the weaker US Dollar as the US Federal Reserve is widely anticipated to implement a more aggressive rate cut beginning in September.
GBP/USD trades below the descending trend line and the Relative Strength Index (RSI) indicator on the 4-hour chart stays near 40 after testing 30 on Tuesday, suggesting that the bearish bias remains intact.
In case GBP/USD confirms 1.2710-1.2700 (Fibonacci 78.6% retracement of the latest uptrend, psychological level align) as resistance, 1.2620 (static level, beginning point of the uptrend) and 1.2600 (psychological level, static level) could be seen as next support levels.
On the upside, the descending trend line aligns as first resistance at 1.2750 before 1.2780 (Fibonacci 61.8% retracement) and 1.2800 (200-period Simple Moving Average).GBP/USD is the forex ticker that shows the value of the British Pound against the US Dollar. It tells traders how many US Dollars are needed to buy a British Pound. The Pound-Dollar is one of the oldest and most widely traded currency pairs in the world. Follow the live GBP/USD rate with the chart and keep up to date with Pound-Dollar news and analysis. Plan your trades with the GBP/USD forecast and key pivot points data and support and resistance levels.
GBP/USD breaks its three-day losing streak, trading around 1.2700 during the Asian session on Thursday. This upside could be attributed to the weaker US Dollar as the US Federal Reserve is widely anticipated to implement a more aggressive rate cut beginning in September.
GBP/USD trades below the descending trend line and the Relative Strength Index (RSI) indicator on the 4-hour chart stays near 40 after testing 30 on Tuesday, suggesting that the bearish bias remains intact.
In case GBP/USD confirms 1.2710-1.2700 (Fibonacci 78.6% retracement of the latest uptrend, psychological level align) as resistance, 1.2620 (static level, beginning point of the uptrend) and 1.2600 (psychological level, static level) could be seen as next support levels.
On the upside, the descending trend line aligns as first resistance at 1.2750 before 1.2780 (Fibonacci 61.8% retracement) and 1.2800 (200-period Simple Moving Average).GBP/USD is the forex ticker that shows the value of the British Pound against the US Dollar. It tells traders how many US Dollars are needed to buy a British Pound. The Pound-Dollar is one of the oldest and most widely traded currency pairs in the world. Follow the live GBP/USD rate with the chart and keep up to date with Pound-Dollar news and analysis. Plan your trades with the GBP/USD forecast and key pivot points data and support and resistance levels.
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