GBP/USD: Charting the Course Amidst Economic Data Release
Updated
GBP/USD pair encountered a setback, slipping beneath 1.2650 early Wednesday after a day marked by volatile swings. Nevertheless, amidst this flux, a glimmer of optimism emerged as the pair found support around the 50% Fibonacci level, suggesting a potential rebound. Notably, the RSI indicator highlighted short-term oversold conditions, hinting at an imminent uptick, while the price strategically reacted at the Volume Point of Control, in conjunction with the 100 Simple Moving Average.
Against the backdrop of a cautious market sentiment, evidenced by early declines in US stock index futures and the UK's FTSE 100 Index, further losses in US equities post-market open could bolster the USD amidst risk aversion, thereby exerting downward pressure on GBP/USD.
Attention has shifted to the US Bureau of Economic Analysis's second estimate of fourth-quarter GDP, with expectations leaning towards no revision from the initial 3.3% growth figure. While any deviation could briefly impact the USD's valuation, it's unlikely to sway investor sentiment regarding the Federal Reserve's policy trajectory.
In light of these developments, a bullish momentum is anticipated, with 1.2700 emerging as a potential target for the price.
Against the backdrop of a cautious market sentiment, evidenced by early declines in US stock index futures and the UK's FTSE 100 Index, further losses in US equities post-market open could bolster the USD amidst risk aversion, thereby exerting downward pressure on GBP/USD.
Attention has shifted to the US Bureau of Economic Analysis's second estimate of fourth-quarter GDP, with expectations leaning towards no revision from the initial 3.3% growth figure. While any deviation could briefly impact the USD's valuation, it's unlikely to sway investor sentiment regarding the Federal Reserve's policy trajectory.
In light of these developments, a bullish momentum is anticipated, with 1.2700 emerging as a potential target for the price.
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