GBP/USD: Sliding Down the Bearish Channel
GBP/USD, like an athlete losing momentum, drifts gently around the 1.2300 mark after plunging to a 14-month low at 1.2238. The 4-hour chart sketches a challenging journey, with the extended bearish channel acting as a guiding thread, while the EMA 34 and EMA 89 stand firm as “stone walls” blocking any recovery attempts in the 1.2410-1.2492 zone.
Sellers continue to dominate the field, targeting the 1.2224 support zone as a “reverse launchpad” to push prices even lower, potentially toward 1.2200. Meanwhile, hopes for a breakout above 1.2492 seem distant, as the pound struggles against the specters of inflation and the UK’s gloomy financial outlook.
Market sentiment hangs precariously ahead of the US NFP data – the ultimate card that could decide the game. Will GBP/USD find light at the end of this "bearish tunnel," or will it be consumed further by selling pressure? The coming hours promise to be a thrilling chapter in this unfolding drama.
Sellers continue to dominate the field, targeting the 1.2224 support zone as a “reverse launchpad” to push prices even lower, potentially toward 1.2200. Meanwhile, hopes for a breakout above 1.2492 seem distant, as the pound struggles against the specters of inflation and the UK’s gloomy financial outlook.
Market sentiment hangs precariously ahead of the US NFP data – the ultimate card that could decide the game. Will GBP/USD find light at the end of this "bearish tunnel," or will it be consumed further by selling pressure? The coming hours promise to be a thrilling chapter in this unfolding drama.
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