This article offers a comprehensive examination of GBP/USD, EUR/GBP, and GBP/JPY from a technical perspective, analyzing chartist formations and market sentiment to forecast near-term price movements.
Alternatively, if bulls manage to reassert dominance and push the exchange rate higher, resistance emerges at 0.8570 as mentioned before. Breaking through this technical obstacle could set the stage for a surge toward the 200-day simple moving average near the 0.8600 handle.
Disheartened by trading losses? Empower yourself and refine your strategy with our guide, "Traits of Successful Traders." Gain access to crucial tips to help you avoid common pitfalls and costly errors.was largely flat on Thursday, trading slightly below trendline resistance at 192.70. Bears need to protect this ceiling tooth and nail; any lapse could spark a move towards the 2024 highs at 193.55. On further strength, a jump towards the psychological 195.00 mark cannot be ruled out.
On the other hand, if the pair gets rejected from its current position and pivots to the downside, support stretches from 190.60 to 190.15, where a rising trendline converges with the 50-day simple moving average and April’s swing lows. Additional losses below this floor could reinforce bearish impetus, opening the door for a drop towards 187.90.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.
We recommend that you seek independent advice and ensure you fully understand the risks involved before trading. Information presented by DailyFX Limited should be construed as market commentary, merely observing economical, political and market conditions. This information is made available for informational purposes only. It is not a solicitation or a recommendation to trade derivatives contracts or securities and should not be construed or interpreted as financial advice.
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