GBP/USD Is Hovering Over Bearish Territory Or Is It A Bear Trap?

Trading | 1 month ago

GBP/USD Is Hovering Over Bearish Territory Or Is It A Bear Trap? - tradeglobalmarket

As the US dollar is losing its strength against the top currencies in the world, Pound is trying to gain some grounds. Last Week, GBP/USD broke below the important level of 1.3700 price level on the Fed’s rate hike projection.


GBPUSD - Weekly

According to the economic data released by the Commerce Department of United Kingdom, July Retail Sales were down by 2.5% month on month basis. The consumer confidence survey also failed to encourage the investors. As a result of this, GBP/USD dropped to one-month lows on Friday. The currency pair has fallen 1.8% in the last week.

On Monday, GBP/USD is Showing some signs of recovery as it bounced from the support level near 1.36200 and is up by 0.25% against the US dollar. However, on the daily chart, the pair is still trading below the 21-period Exponential moving average. Financial analysts expect the Pound to break below the July lows in the next few days if U.S. dollar does not lose its momentum.

The near-term technical outlook for GBP/USD is bearish and indicates further weakness. Therefore, one must look for selling opportunities in GBP/USD at the pullback. Watch out for the relative strength index on hourly charts for the pullback confirmation.


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