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GBP/USD continues uptrend from 1.330
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Today, we are seeing the GBP/USD pair struggling around 1.3400 in the European session on Wednesday, as it reversed from a 30-month high of 1.3430. It seems that many traders are taking profits from long positions in the British Pound, putting pressure on the pair, despite the weakening US Dollar and the market still in a risk-on trend, according to Fedspeak experts.
Furthermore, from the chart analysis, the uptrend is still working very well with the price increasing continuously and there is no sign of a significant drop that will put the currency in a precarious situation. The current price is retracing to test the 0.618 FIbonacci level at 1.330. After that, at this point, we can expect the price to recover, aiming higher in the near term.
Today, we are seeing the GBP/USD pair struggling around 1.3400 in the European session on Wednesday, as it reversed from a 30-month high of 1.3430. It seems that many traders are taking profits from long positions in the British Pound, putting pressure on the pair, despite the weakening US Dollar and the market still in a risk-on trend, according to Fedspeak experts.
Furthermore, from the chart analysis, the uptrend is still working very well with the price increasing continuously and there is no sign of a significant drop that will put the currency in a precarious situation. The current price is retracing to test the 0.618 FIbonacci level at 1.330. After that, at this point, we can expect the price to recover, aiming higher in the near term.
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