GBPUSD: The motivation to increase prices but not sustainable
Hello dear friends!
GBP rose by 0.69% yesterday. The upward momentum has increased, albeit not by much. Today, GBP may test the level of 1.2290 before the risk of a pullback increases. The highest expected level around mid-October, near 1.2340, is unlikely to materialize. Support stands at 1.2225, followed by 1.2200.
After dropping to a low of 1.2093 last week, GBP has rebounded and reached a high of 1.2258 yesterday. The upward momentum seems to be forming, and GBP may rise to the level of 1.2340 in the coming days. At this stage, the likelihood of GBP breaking clearly above this level is not high. On the other hand, if GBP breaks the strong support level at 1.2165, it would mean that it will be difficult for it to rise to 1.2340.
GBP rose by 0.69% yesterday. The upward momentum has increased, albeit not by much. Today, GBP may test the level of 1.2290 before the risk of a pullback increases. The highest expected level around mid-October, near 1.2340, is unlikely to materialize. Support stands at 1.2225, followed by 1.2200.
After dropping to a low of 1.2093 last week, GBP has rebounded and reached a high of 1.2258 yesterday. The upward momentum seems to be forming, and GBP may rise to the level of 1.2340 in the coming days. At this stage, the likelihood of GBP breaking clearly above this level is not high. On the other hand, if GBP breaks the strong support level at 1.2165, it would mean that it will be difficult for it to rise to 1.2340.
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The decrease trend on the 1H chart frame, target 1.210
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Tonight at 20:35, we will receive news from the Fed chairman's speech, so there won't be many notable developments in the current trading. The trend of GU will become clear after the news is released. Let's wait together with Karina!
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