GBP/USD struggles near 1.2500 potential rebound on 61.8% FIBO

28 באפר׳ 2023

Early on Friday, the GBP/USD pair is struggling to surpass the 1.2500 level due to the US Dollar's ability to capitalize on its slight rebound from Thursday. Market participants will closely monitor the US March PCE inflation and Q1 Employment Cost Index data. Currently, the GBP is approaching a critical support level, coinciding with the 50 and 61.8% Fibonacci retracement area, where the price may potentially rebound and continue its upward trajectory. Our recommendation is to consider a long setup.