US Dollar Forecast: Markets Await US GDP & Core PCE - EUR/USD, USD/JPY, GBP/USD


(MENAFN- DailyFX) ecast: Markets Await US GDP & Core PCE - EUR/USD, USD/JPY, GBP/USD Skip to Content News & Analysis at your fingertips.

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Change in Longs Shorts OI
Daily -2% -11% -5%
Weekly 0% 1% 1%
What does it mean for price action? Get My Guide GBP/USD FORECAST - TECHNICAL ANALYSIS

GBP /USD sold off this week, slipping below a technical floor at 1.2430 and hitting its lowest point since November. With bearish momentum prevailing, there's potential for accelerated losses in the short term, possibly prompting a revisit of 1.2320 – a major Fibonacci support level. Prices may bottom out in this area before reversing higher; but in the case of a breakdown, a move towards 1.2168 could unfold.

Alternatively, if sentiment shifts back in favor of buyers and cable rebounds off its current position, resistance zones can be identified at 1.2430 and 1.2525 subsequently. Upside clearance of these levels could boost upward impetus, creating the right conditions for a rally towards the 200-day simple moving average at 1.2570.

GBP/USD PRICE ACTION CHART

GBP/USD Chart Created Using TradingView

MENAFN21042024000076011015ID1108119322


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