fxs_header_sponsor_anchor

News

GBP/USD Price Analysis: Bulls are moving in and eye a key imbalance of price

  • GBP/USD bulls stay the course in the correction into the Fed. 
  • The bears could be lurking above a key hourly area for the day ahead. 

As per the prior analysis from the New York session on Tuesday, GBP/USD Price Analysis: Bulls move in from critical hourly support, the bears are potentially lurking higher up as the price corrects from the well-extablished lows as the following update will show. 

GBP/USD prior analysis

From an hourly perspective, it was stated that the price had run into a familiar support area and was expected to correct higher with the price imbalance between 1.1380 and close to 1.40 the figure eyed. 

GBP/USD update

The area of mitigation could see the bears move in, making for a resistance zone for the day ahead. If this were to play out, then the daily chart's downside potential is for an extension of the broader bear cycle:

The bears will be focused especially on the 2020 low of 1.1410.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.