Forex Signal For GBP/USD: Possible Short Relief Observed.
Forex Signal For GBP/USD: Possible Short Relief Observed.
The
GBP/USD pair has been in a strong downtrend for the past few weeks.
Bull Market Outlook
- Buy the GBP/USD pair and take a profit at 1,2300.
- Add a stop-loss at 1,2050.
- Timetable: 1-2 days.
Forex Signal For GBP/USD: Possible Short Relief Observed.
Bear Market Outlook
- Stop a sell at 1,2120 and take a profit at 1,2050.
- Add a stop-loss at 1,2250.
The strength of the US dollar pushed the GBP/USD price to the lowest level since May 2020. It dropped to 1,2127, which is about 4,2% below this month's high.
During this time, not only the GBP, but also other currencies such as the Japanese yen and Euro depreciated against the dollar.
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