GBPUSD continues to decline as USD continues to dominate
Hello traders!
GBP/USD closed the last two trading days of the previous week in negative territory. Although this currency pair attempted a modest recovery at the start of Monday, it failed to gain momentum.
At the time of writing, GBP/USD continues to maintain a downward trend, with prices fluctuating around 1.217 and declining by 0.37% for the day. If safe-haven flows continue to dominate the market in the latter half of the day, the US dollar may remain resilient against its counterparts, making it difficult for GBP/USD to find support and continue its downward trajectory.
GBP/USD closed the last two trading days of the previous week in negative territory. Although this currency pair attempted a modest recovery at the start of Monday, it failed to gain momentum.
At the time of writing, GBP/USD continues to maintain a downward trend, with prices fluctuating around 1.217 and declining by 0.37% for the day. If safe-haven flows continue to dominate the market in the latter half of the day, the US dollar may remain resilient against its counterparts, making it difficult for GBP/USD to find support and continue its downward trajectory.
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Comment:
GBP/USD reversed its direction after rising above 1.2200 on Monday and retreated to the 1.2150 area early Tuesday. The pair's near-term technical outlook points a bearish tilt and additional losses could be witnessed if the 1.2130 support fails.
