Hi everybody!
After rising above the 1.2450 level during the Asian session on Wednesday, GBP/USD failed to maintain momentum and fell below this mark. However, according to short-term technical analysis, the pair remains in a favorable position as long as the 1.2400 support level remains in place.
The weakness of the US Dollar (USD) has become the driving force for GBP/USD to recover after a losing streak.
Going forward today, US Durable Goods Orders data for March will be closely watched for fresh dynamics. While the recent figures did not move the market much, the market reaction to Tuesday's disappointing PMI report indicated that weaker figures could weaken the USD and provide further support for the GBP/USD in recovery of upward momentum.
After rising above the 1.2450 level during the Asian session on Wednesday, GBP/USD failed to maintain momentum and fell below this mark. However, according to short-term technical analysis, the pair remains in a favorable position as long as the 1.2400 support level remains in place.
The weakness of the US Dollar (USD) has become the driving force for GBP/USD to recover after a losing streak.
Going forward today, US Durable Goods Orders data for March will be closely watched for fresh dynamics. While the recent figures did not move the market much, the market reaction to Tuesday's disappointing PMI report indicated that weaker figures could weaken the USD and provide further support for the GBP/USD in recovery of upward momentum.
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Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.