GBPUSD analysis. Recovery could take place after PMI
Market rumors tell us that GBP/USD remains guarded, hovering near 1.2350, its lowest fortress since mid-November, when Tuesday's Asian session began. The USD index consolidates its stance above 106.10 while traders bide their time, awaiting S&P Global Purchasing Managers' Index data to be revealed from the US and UK for April, currently leaving GBPUSD in a state of limbo in terms of direction and vitality.
However, a glance at the charted sectors suggests the pair could continue to decline after ending its brief sideways period with a plunge. GBPUSD remains faithful to its old path below the 34 and 89 EMA twins. This steadfast pattern is a good omen for the bears, hinting that the downtrend is still valued!
GBPUSD has recovered to the 1.238 resistance level. It is possible that the recovery will continue to strengthen towards further levels. need to first break the rectangular resistance around 1.068
However, a glance at the charted sectors suggests the pair could continue to decline after ending its brief sideways period with a plunge. GBPUSD remains faithful to its old path below the 34 and 89 EMA twins. This steadfast pattern is a good omen for the bears, hinting that the downtrend is still valued!
GBPUSD has recovered to the 1.238 resistance level. It is possible that the recovery will continue to strengthen towards further levels. need to first break the rectangular resistance around 1.068
Trade active
Trade active:
exactly as analyzed GBPUSD broke the first resistance level
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