GBP/USD: New technical and volatility forecast
On Tuesday, GBP/USD recorded a bullish rally, reaching a high of 1.2670. However, this upbeat event did not last, and the pair lost its upward momentum in the second half of the day, when it finally traded below 1.2650 light to Europe Wednesday. Despite signs of technical indicators suggesting an increasingly strong bearish trend, the price currently remains stable, mainly hovering around 1,262.
It seems that the sellers are cautious and do not want to connect with the bearish trend depth below 1.2600 without large fundamental changes supporting the move. Meanwhile, the US Dollar was able to gain recovery strength against other majors in the second half of Tuesday, supported by cautious sentiment and strong February Durable Orders data. than expected, the recovery mechanism of this pair is limited.
From a technical analysis perspective, the GBP/USD pair continues on a downward trajectory with a small retracement towards the 0.618 Fibonacci zone. The target has been shortened to 1,252, suggesting the possibility of a bearish trend continuing.
Given the current situation, market participants need to take care of a solid base, pay attention to all small variations and be ready for strategic adjustments in accordance with market developments.
It seems that the sellers are cautious and do not want to connect with the bearish trend depth below 1.2600 without large fundamental changes supporting the move. Meanwhile, the US Dollar was able to gain recovery strength against other majors in the second half of Tuesday, supported by cautious sentiment and strong February Durable Orders data. than expected, the recovery mechanism of this pair is limited.
From a technical analysis perspective, the GBP/USD pair continues on a downward trajectory with a small retracement towards the 0.618 Fibonacci zone. The target has been shortened to 1,252, suggesting the possibility of a bearish trend continuing.
Given the current situation, market participants need to take care of a solid base, pay attention to all small variations and be ready for strategic adjustments in accordance with market developments.
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