Setup for bearish USD
USD jumped yesterday on the back of inflation, is now finding fibonacci resistance.
If looking to fade that move, GBP/USD testing support at the 1.4000 handle could be attractive. The 1.4000 psych level gave multiple iterations of resistance on the way up, holding the highs since late-Feb. But, since breaking out, the pair hasn't yet tested this spot for support. Keeps door open for longs.
USD jumped yesterday on the back of inflation, is now finding fibonacci resistance.
If looking to fade that move, GBP/USD testing support at the 1.4000 handle could be attractive. The 1.4000 psych level gave multiple iterations of resistance on the way up, holding the highs since late-Feb. But, since breaking out, the pair hasn't yet tested this spot for support. Keeps door open for longs.
Note
quite the jump over the past couple of weeks in GBPUSD price action now re-testing underside of the bullish trendline that was in-play since last November. Came very close to fresh three-year-high on Friday but buyers pulled back early.
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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.