Is GBP/USD Rebound Over?
March 30, 2021 8:22 amVideo
Latest News
- EUR/USD. May 10th. Traders continue to torment the dollar May 10, 2024
- GBP/USD. May 10th. The British economy was pleasantly surprised May 10, 2024
- USD/JPY: Simple trading tips for novice traders on May 10th (US session) May 10, 2024
- GBP/USD: Simple trading tips for novice traders on May 10th (US session) May 10, 2024
- EUR/USD: Simple trading tips for novice traders for May 10th (US session) May 10, 2024
- GBP/USD: trading plan for the US session on May 10th (analysis of morning deals). The pound hit 1.2535 May 10, 2024
- EUR/USD: trading plan for the US session on May 10th (analysis of morning deals). The euro shows no signs of life May 10, 2024
- Trading Signals for BITCOIN (BTC/USD) for May 10-15, 2024: buy above $62,500 (21 SMA – 4/8 Murray) May 10, 2024
- Video market update for May 10, 2024 May 10, 2024
- Technical Analysis – GBPJPY continues to ascend May 10, 2024
- Technical Analysis – EURUSD retests 200-day SMA near downtrend line May 10, 2024
- Bitcoin finds support from a weaker dollar – Crypto News May 10, 2024
- Weekly Forex Outlook: 10/05/2024 – US inflation numbers to shake Fed rate cut bets May 10, 2024
- Forex forecast 05/10/2024: EUR/USD, GBP/USD, USD/JPY and Bitcoin from Sebastian Seliga May 10, 2024
- Week Ahead – US inflation numbers to shake Fed rate cut bets May 10, 2024
- GBP/USD: trading tips for beginners for European session on May 10 May 10, 2024
- EUR/USD: trading tips for beginners for European session on May 10 May 10, 2024
- Market Comment – Dollar slides, gold shines after soft US labor market data May 10, 2024
- Technical Analysis – AUDUSD remains undecided near crucial technical region May 10, 2024
- Technical Analysis – USDCAD slips beneath 20-day SMA May 10, 2024
GBP/USD is trading in the red at 1.3769 level after its failure to stabilize above 1.38 psychological level. The selling pressure remains high as the pair stands below a downtrend line, so a deeper drop won’t be a surprise.
The US CB Consumer Confidence could bring life on GBP/USD today. The economic indicator is expected to increase from 91.3 to 96.9 points. Positive economic figures reported by the United States could send the pair down again.
The ADP Non-Farm Employment Change, Unemployment Claims, ISM Manufacturing PMI, Non-Farm Employment Change, Unemployment Rate, and the Average Hourly Earnings could shake the markets.
GBP/USD Vulnerable To Slide Further!
GBP/USD is located under the black downtrend line, so the bias is bearish. The rate pressures the uptrend line, dropping and stabilizing below it signals a potential sell-off.
The pair has dropped after retesting the upside 50% Fibonacci line and now is traded under the Pivot Point (1.3776). Comin back above the pivot point could signal a potential increase in the short term approaching the downtrend line.
GBP/USD has found support on the S1 (1.3675) level, so the rebound was somehow expected.
Outlook & Tips!
Sell a bearish closure under 1.3754 today’s low and use the S1 (1.3675) as the first downside target.
A buying opportunity may appear if GBP/USD jumps and stabilizes above the black downtrend line.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: