Analyzing GBP/USD: Price Continues Downward Trend
In Wednesday's US trading session, the GBP/USD pair plunged to a two-month low at 1.2520 after the release of CPI inflation data. This increased selling pressure and raised concerns about the UK's economy and monetary policy.
Despite some signs of short-term adjustment, GBP/USD continues its downward trend, as evidenced by prices declining towards the Simple Moving Averages (SMA).
Furthermore, the Relative Strength Index (RSI) saw a higher increase during the European trading session, but it still remains below 40, indicating strong selling pressure. A minor short-term adjustment and rally are expected, but it is not strong enough to change the downward trend of this currency pair.
Despite some signs of short-term adjustment, GBP/USD continues its downward trend, as evidenced by prices declining towards the Simple Moving Averages (SMA).
Furthermore, the Relative Strength Index (RSI) saw a higher increase during the European trading session, but it still remains below 40, indicating strong selling pressure. A minor short-term adjustment and rally are expected, but it is not strong enough to change the downward trend of this currency pair.
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