GBP/USD: hot or not ? The trend remains downward in the short/very short term. After breaking down the static support at 1.264 identified by 23.6% of the Fibonacci retracement, the next target targeted on this currency pair is the support area at 1.25. Reachable today as analysts expect a recovery of the intraday US dollar ahead of the publication of positive nonfarm payrolls.
So technically, the price should go to test the support in the 1.25 area by todays closing and, should it be violated to the downside. It could mark a new period minimum in this 2019 going beyond the 1,237.
Basically this hypothesis is the most likely in the short term as the strong uncertainty around Great Britain due to Brexit. A rebound at the moment is not expected. Except for even more expansive scenarios of monetary policy from the Fed.
To summarize
GBP/USD: hot or not ? Maybe not. We recommend a short entry on this pair. The first target is in area of 1.25. The second target is in the intermediate area at 1,244. So the final one is at 1.237.
So technically, the price should go to test the support in the 1.25 area by todays closing and, should it be violated to the downside. It could mark a new period minimum in this 2019 going beyond the 1,237.
Basically this hypothesis is the most likely in the short term as the strong uncertainty around Great Britain due to Brexit. A rebound at the moment is not expected. Except for even more expansive scenarios of monetary policy from the Fed.
To summarize
GBP/USD: hot or not ? Maybe not. We recommend a short entry on this pair. The first target is in area of 1.25. The second target is in the intermediate area at 1,244. So the final one is at 1.237.