GBP/USD remains in bearish trend after hawkish “Powell”

Gregor Horvat Wavetraders

So, the USD turned up recently as investors again looking to sell it as Powell signaled that more hikes can be needed in the future, but it will depend on the data. As a result, US yields stabilized and stocks hit resistance while DXY comes higher and can still target the pre-NFP levels. This can be important short-term level; if it DXY goes above 106.40 then I think EUR and GBP will see more weakness. In fact, looking at the 4h time frame on cable and only three wave rally from the low, with wave (C) failing at the upper corrective channel, it appears that bearish trend is still here and ready to resume, especially if a price drops below 1.2190 bearish level. Then I think 1.2030 can come back in play.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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