GBP/USD 1.2100 key level ignored, more declines favored [Video]

Olimpiu Tuns Learn 2 Trade

The GBP/USD pair crashed in the short term as the DXY rallied. The fundamentals drove the price in the last few days. It’s trading at 1.2085 at the time of writing and it seems very heavy despite temporary rebounds or sideways movements. Fundamentally, the UK reported lower inflation than expected in January. Later, the US Retail Sales and Core Retail Sales could really shake the price.

Technically, as long as it stays under the downtrend line, the bias remains bearish. The uptrend line is seen as the next downside target. Breaking below this dynamic support activates more declines at least towards the demand zone.

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Author

Olimpiu Tuns

Learn 2 Trade

Olimpiu is a seasoned Market Analyst / Trader with 11 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks.

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