Technical + Fundamental Alignment: GBPUSD Short in Play

昨天

GBPUSD(GBPUSD) is moving near the Resistance zone($1.354-$1,350) and has managed to break the Support line.

In terms of Elliott Wave theory, it seems that GBPUSD has completed the Zigzag Correction(ABC/5-3-5), we can expect the next five bearish waves.
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Fundamental Analysis

1-Weak UK Economic Data:

Recent reports including Retail Sales, Industrial Output, and PMIs have come in below expectations.

Labour market is softening, and wage growth is decelerating.

2-Dovish Expectations for BoE:

With inflation cooling down, the Bank of England is expected to hold or even cut rates soon, reducing support for the pound.

3-Stronger USD Outlook

Despite some weaker U.S. data, the Fed maintains a hawkish stance. U.S. retail sales and inflation still support the dollar overall.

4-UK Political Risk

Upcoming UK elections on July 4 are adding uncertainty and downside risk to GBP.
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I expect GBPUSD to attack at least the Support lines based on the above explanation.

Targets: 1.3

1)1.3353 USD =>Risk-To-Reward: 1.51

2)1.3315 USD =>Risk-To-Reward: 2.00

Note: Stop Loss(SL): 1.3549 USD

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British Pound / U.S Dollar Analyze (GBPUSD), 1-hour time frame.

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10 小時前

交易進行

Trade was activated at $1.3471