GBP/USD Buy Zone Close!

I hold a bullish bias towards this pair. After a strong bull run since the beginning of April, we have just had a retracement back towards a key support level. This support has proven to be significant, even as far back as July 2019. I would fully expect a bounce from this level, which will put us in the buy zone, as indicated by the chart.

From a macroeconomic perspective, this makes sense too. The Fed's announcement that it will be buying up junk bonds and leveraged debt will naturally cause inflationary pressure in the economy, decreasing the real value of USD.

All signals point towards another bullish run of GBP/USD, and we can expect to reach the 1.275 level.


Let me know what you think - I'd love to hear your ideas!