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The GBP/USD pair drops like a rock in the short term as the USD is strongly bullish. The greenback dominates the currency market as the Federal Reserve is expected to continue hiking rates in the upcoming monetary policy meeting. The pair is traded at the 1.2846 level at the time of writing.
GBP/USD dropped by 1.92% from yesterday's high of 1.3089 level. Fundamentally, the Pound took a hit from the Retail Sales which reported a 1.4% drop, and from the Flash Services PMI which came in at 58.3 points below 59.9 expected. In addition, the GFK Consumer Confidence dropped deeper to -38 points versus -33 points expected.
On the other hand, the US Flash Services PMI came in worse than expected, while the Flash Manufacturing PMI reported better than expected data.
GBP/USD moved somehow sideways above the 1.3000 psychological level but unfortunately, it has failed to make a valid breakout above the upper median line (uml) of the descending pitchfork which represented a dynamic resistance.
Being rejected once again by the upper median line (uml), it has signaled a potential sell-off. The Dollar Index's strong growth forced the pair to drop. It has ignored the 1.29 psychological level and the weekly S2 (1.2880) downside obsatcles.
Its aggressive breakdown below 1.3 signaled more declines and it was seen as a short opportunity. The 1.28 and the median line (ml) represent potential downside obsatcles. A new selling opportunity could appear if the rate increases a little after its massive drop.
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