- Analytics
- News and Tools
- Market News
- GBP/USD: Drop below 1.30 to open up additional losses toward 1.29
GBP/USD: Drop below 1.30 to open up additional losses toward 1.29
GBP/USD has reversed its direction following Monday's meager recovery attempt. The pair trades within a touching distance of 1.30 and sellers could show interest in case this level turns into resistance.
1.30 support looks increasingly likely to fail
“Later in the session, March inflation data from the US will be looked upon for fresh impetus. The Consumer Price Index (CPI) is forecast to jump to 8.5% in March from 7.9% in February. A stronger-than-forecast CPI reading could help the greenback preserve its strength and weigh on GBP/USD.”
“GBP/USD fell below 1.30 (psychological level) on Monday and last Friday but is yet to make a four-hour close below that level. In case that happens, 1.2980 (April 8 low) could act as interim support before sellers can target 1.29 (psychologically level).”
“On the upside, the descending trend line coming from late March forms the first technical resistance at 1.3050 ahead of 1.3080 (50-period SMA) and 1.31 (psychological level).”
See – US CPI Preview: Forecasts from 12 major banks, another lurch forward
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
