Dear Traders!
The GBP/USD pair starts the new week on a bearish note, fluctuating within a narrow trading range around 1.2930 during the Asian session. However, the broader fundamental outlook warrants caution before positioning for any significant corrective pullback from the four-month high near 1.2990, which was reached last Wednesday.
The primary reason behind this pressure is the strength of the US dollar, which remains firm ahead of the upcoming US Retail Sales data release. If the data exceeds expectations, GBP/USD could face further downside pressure. Additionally, the UK economy has yet to show signs of improvement, with recent economic indicators failing to provide sufficient support for the GBP, increasing the likelihood of continued weakness.
What are your thoughts on the current trend of GBP/USD? Will the downtrend continue, or is this a buying opportunity? Share your insights!
The GBP/USD pair starts the new week on a bearish note, fluctuating within a narrow trading range around 1.2930 during the Asian session. However, the broader fundamental outlook warrants caution before positioning for any significant corrective pullback from the four-month high near 1.2990, which was reached last Wednesday.
The primary reason behind this pressure is the strength of the US dollar, which remains firm ahead of the upcoming US Retail Sales data release. If the data exceeds expectations, GBP/USD could face further downside pressure. Additionally, the UK economy has yet to show signs of improvement, with recent economic indicators failing to provide sufficient support for the GBP, increasing the likelihood of continued weakness.
What are your thoughts on the current trend of GBP/USD? Will the downtrend continue, or is this a buying opportunity? Share your insights!
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.