- Analytics
- News and Tools
- Market News
- GBP/USD Price Analysis: Bears eye the 38.2% ratio on break below 38.2% ratio
GBP/USD Price Analysis: Bears eye the 38.2% ratio on break below 38.2% ratio
- GBP/USD bears are moving in with eyes on the trendline support.
- Bears need to break 1.2050 lows to make way for the 38.2% ratio.
GBP/USD is down on the day so far, losing 0.15%, with the price falling from a high of 1.2074 to a low of 1.2051 so far.
The sour tone of OBR forecasts has weighed on GBP in the spot market since the Autumn Statement and now the US Dollar is edging higher across the board in a risk-off start to the week.
The Greenback is correcting from multi-month lows on the prospects of the Federal Reserve moderating the pace of its policy tightening.
The following illustrates the prospects of a deeper correcting in cable that targets the trendline support as follows:
GBP/USD daily chart
Bears moved in at around 1.2150 and there are prospects of a deeper correction over the coming days with eyes to 1.1965, or a 38.2% ratio, and then the trendline support:
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
