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The GBP/USD pair is trading in the red as the DXY's rebound lifted the USD. Still, as you already know from my analyses, the Dollar Index is in a corrective phase, so the bias remains bearish in the short term. Technically, the currency pair reached strong resistance, a valid breakout may signal further growth.
Fundamentally, the US data came in mixed today. The Core PCE Price Index rose by 0.3% matching expectations, Revised UoM Consumer Sentiment came in at 58.4 points below 59.1 expected, while the Goods Trade Balance came in better than expected at -105.9B versus -114.8B estimates. Personal Spending rose by 0.9% beating the 0.7% estimates, while Personal Income registered only a 0.4% growth versus the 0.5% forecasted.
As you can see on the H4 chart, the GBP/USD pair jumped above the warning line (wl1) and above the 1.2614 - 1.2638 area but it has failed to stay above these upside obstacles. Still, the current retreat could be only a temporary one. It could still resume its growth as long as it stays above the 1.2585 immediate support.
In the short term, the GBP/USD pair could try again to take out the resistance levels. The bullish pressure remains high after testing and retesting the 1.2498 level and the upper median line (uml).
Jumping and stabilizing above 1.2638 could confirm an upside continuation. A valid breakout and a new higher high could bring new long opportunities.
On the other hand, dropping and closing below 1.2585 may signal a potential drop towards the upper median line (uml).
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