GBP/USD bulls head toward critical resistance as DXY sinks below 111.00 – by fx_ross GBPUSD Technical Analysis Politics DollarIndex
. Experts are mixed on the UK’s future and there are questions as to whether the UK may be forced to ask the IMF for a bailout.
The outcome of these moves will be dependent on the central bank meetings next month. However, the weekly M-formation is compelling in the DXY as price heads towards a critical layer of support that could result in a correction into the neckline near 112.00. In such a scenario, GBP will struggle to make much headway beyond the daily resistance line in the foreseeable future unless we see a sizeable and convincing break of the DXY weekly support.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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