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Trading signals for #GBPUSD → UK bear market set to weaken further

2023-09-20 09:06 FOREX forecast

💡Ideas For GBPUSD 🇬🇧/🇺🇸

📈 GBPUSD → UK bear market set to weaken further

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GBPUSD enters a new range amid a global reversal pattern, as evidenced by the breakout of a strong liquidity area and the 200-day moving average

At this stage it is difficult to talk about the strengthening of the price. The currency pair overcomes the mark of 1.24500-1.24000 and enters a new medium-term range, within which the pound can reach 1.20000. This movement can only be broken by strong fundamentals, such as the FOMC & FED press release today at 18:00 GMT. There is not much chance as the CPI (YoY) GBP showed a 0.1 point decline in the index and 0.3 points decline against expectations. The market is weak. From the technical analysis point of view, a small correction may now follow before a further break of 1.23725 and 1.23000 support and further decline to stronger support areas - these could be 1.22500, 1.22000 and 1.20100 area

Resistance levels: 1.2458

Support levels: 1.23725, 1.2309

The market gives us medium-term preconditions for further decline, the fundamental factor of GBP market is now on the side of bears, it is necessary to wait for data from FOMC

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#GBPUSD 🇬🇧/🇺🇸

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