GDPUSD: whether the bulls comeback the 1.23 resistance level?
GDPUSD Weekly Outlook: The key watershed for a potential trend reversal and whether the bulls can make a true comeback lies at the 1.23 resistance level.
Currently, the US dollar index, after a recent surge, is maintaining its position at elevated levels, while the GBP/USD pair, as anticipated last week, continues its quest for a bottom.
Examining the order flow, the establishment of bearish positions on the pound has been relentless, pushing the bullish camp to the brink. Whether the bearish volume in the current bottom area can continue to expand will be crucial for the fate of the bulls in the upcoming sessions.
At present, bullish momentum is lacking, and the Bollinger Bands continue to slope downward, with the price constrained by the midline. However, the bands have not shown significant convergence, so the price reaction at the current bottom should be closely monitored as we kick off the week ahead. From a technical perspective, besides the potential support at the current bottom of 1.2240, we must remain patient and observant to see if the price can establish a bottom in the future. The 1.23 resistance level above will be the key turning point for a potential trend reversal and whether the bulls can stage a genuine comeback.
It's worth keeping an eye on the release of UK GDP YoY and current account data for the second quarter this Friday.
Currently, the US dollar index, after a recent surge, is maintaining its position at elevated levels, while the GBP/USD pair, as anticipated last week, continues its quest for a bottom.
Examining the order flow, the establishment of bearish positions on the pound has been relentless, pushing the bullish camp to the brink. Whether the bearish volume in the current bottom area can continue to expand will be crucial for the fate of the bulls in the upcoming sessions.
At present, bullish momentum is lacking, and the Bollinger Bands continue to slope downward, with the price constrained by the midline. However, the bands have not shown significant convergence, so the price reaction at the current bottom should be closely monitored as we kick off the week ahead. From a technical perspective, besides the potential support at the current bottom of 1.2240, we must remain patient and observant to see if the price can establish a bottom in the future. The 1.23 resistance level above will be the key turning point for a potential trend reversal and whether the bulls can stage a genuine comeback.
It's worth keeping an eye on the release of UK GDP YoY and current account data for the second quarter this Friday.
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