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FxWirePro: GBP/USD heads deeper into bear territory, 23.6% fibonacci eyed

• GBP/USD extended decline on Wednesday as investors increased positioning in the dollar on prospects of more Fed rate hikes.

• Investor sentiment has shifted toward a potential rate increase after the Fed’s announcement, driven by concerns over inflation resilience.

• Meanwhile,Prime Minister ​Keir Starmer's resignation this week paved the way for a leadership contest that could potentially end in former Greater Manchester mayor Andy Burnham taking the role in ​July or September.

•On the macro front, traders are anticipating the Bank ​of England to lift borrowing costs by at least 25 basis points before ‌the ⁠year ends.

•   Immediate resistance is located at 1.3252(38.2%fib), any close above will push the pair towards 1.3355(SMA20)

•  Strong support is seen at 1.3133(Lower BB) and break below could take the pair towards 1.3051(Lower BB).

  Recommendation: Good to sell  around 1.3170, with stop loss of 1.3260 and target price of 1.3080

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