GBP/USD extends losses below 1.2150 on hot US data
Greetings, everyone! Come and join Darius as he delves into the current market conditions.
During Wednesday's Asian session, GBP/USD continued its downward trend that commenced on September 20th, trading below the 1.2150 mark. The positive economic data from the United States has further intensified the pressure on this currency pair.
In addition to this, the Federal Reserve's unwavering stance on interest rates is bolstering US Treasury yields and subsequently strengthening the US Dollar (USD).
At present, the US Dollar Index (DXY) stands at around 106.30 - a level not seen since December.
GBP/USD is currently hovering near the lower end of its descending regression channel at 1.2200. Once it stabilizes above this threshold, there is potential for recovery towards 1.2230 (the midpoint of said channel) and even higher towards 1.2250-1.2260 (the upper limit of said channel; a static level).
On another note, short-term support seems to have materialized at around 1.2170 for GBP/USD. Should this support be breached, it may pave way for a decline towards levels such as 1
During Wednesday's Asian session, GBP/USD continued its downward trend that commenced on September 20th, trading below the 1.2150 mark. The positive economic data from the United States has further intensified the pressure on this currency pair.
In addition to this, the Federal Reserve's unwavering stance on interest rates is bolstering US Treasury yields and subsequently strengthening the US Dollar (USD).
At present, the US Dollar Index (DXY) stands at around 106.30 - a level not seen since December.
GBP/USD is currently hovering near the lower end of its descending regression channel at 1.2200. Once it stabilizes above this threshold, there is potential for recovery towards 1.2230 (the midpoint of said channel) and even higher towards 1.2250-1.2260 (the upper limit of said channel; a static level).
On another note, short-term support seems to have materialized at around 1.2170 for GBP/USD. Should this support be breached, it may pave way for a decline towards levels such as 1
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