Dear friends, the GBP/USD pair entered a phase of consolidation on Friday and traded within a narrow range around 1.2220-1.2225, just above the weekly low touched during the Asian trading session.
In market news:
The US Dollar (USD) managed to maintain its overnight gains, inspired by comments from Federal Reserve Chairman Jerome Powell, which turned out to be the primary factor acting as resistance against the GBP/USD pair. Speaking at an event hosted by the International Monetary Fund, Powell stated that they are not confident they have achieved "a sufficiently substantial policy stance" to bring inflation down to 2% over time.
Regarding upcoming market forecasts:
Traders will receive signals from the release of the University of Michigan Consumer Sentiment Index. This, along with US bond yields and broader risk sentiment, will impact the USD price dynamics and create short-term trading opportunities around the GBP/USD pair. However, spot prices continue to show a weekly decline trend and appear susceptible to further slippage.
Conclusion and Market Analysis:
From the 1H chart, it is evident that the price has touched the previously broken support area, indicating a high likelihood of retesting the resistance. Afterward, a strong downward trend is expected to begin from this point. At the time of writing, the price is trading at 1.224, with an anticipated decline to 1.2105.
In market news:
The US Dollar (USD) managed to maintain its overnight gains, inspired by comments from Federal Reserve Chairman Jerome Powell, which turned out to be the primary factor acting as resistance against the GBP/USD pair. Speaking at an event hosted by the International Monetary Fund, Powell stated that they are not confident they have achieved "a sufficiently substantial policy stance" to bring inflation down to 2% over time.
Regarding upcoming market forecasts:
Traders will receive signals from the release of the University of Michigan Consumer Sentiment Index. This, along with US bond yields and broader risk sentiment, will impact the USD price dynamics and create short-term trading opportunities around the GBP/USD pair. However, spot prices continue to show a weekly decline trend and appear susceptible to further slippage.
Conclusion and Market Analysis:
From the 1H chart, it is evident that the price has touched the previously broken support area, indicating a high likelihood of retesting the resistance. Afterward, a strong downward trend is expected to begin from this point. At the time of writing, the price is trading at 1.224, with an anticipated decline to 1.2105.
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