Crypto News

GBP/USD Chart Analysis: Bears Apply Pressure to Key Support

GBP/USD Chart Analysis: Bears Apply Pressure to Key Support
© Copyright Image: Forex Trading Blog

According to ICE data, the U.S. Dollar Index futures have reached highs last seen in early July 2024. The dollars strength is attributed, in part, to anticipated economic stimulus measures outlined by the newly elected President Donald Trump during his campaign.

This has put pressure on other currencies paired with the dollar. Currently, the British pound is trading near 1.28400, close to a three-month low.

Todays technical analysis of the 4-hour GBP/USD chart reveals:
long-term price fluctuations have shaped an upward channel since May;
the pair is near a key support level at the lower boundary of this channel;
a downtrend channel (in red) has formed since early October, highlighting recent bearish control; the ATR indicator is at an annual high, indicating heightened volatility.

Key economic events are on the horizon:
UK labour market data on Tuesday at 10:00 (GMT+3),
U.S. CPI figures on Wednesday at 16:30 (GMT+3),
speeches by the Fed and Bank of England heads on Thursday.

With these events approaching, traders may anticipate continued wide fluctuations around the lower boundary of the upward channel.

Read more: https://fxopen.com/blog/en/oa-gbp-usd-chart-analysis-bears-apply-pressure-to-key-support/

Text source: Forex Trading Blog

Disclaimer: Financial information and news are not financial advice, read the disclaimer.
Buy & sell Crypto in minutes

Join BINANCE!

The world's largest crypto exchange

You're just steps away from receiving your reward.

The most complete Crypto News Center.

Search Stories:

Latest top stories