GBP/USD remains on the defensive below the 1.2250
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Hello dear readers, Let's explore the market with Selena today.
Today, GBPUSD continues its streak of losses, reaching its lowest level in months. Currently, the price is trading at 1.2238, and there are no signs of it stopping the downward trend. The worsening economic conditions in the United Kingdom may force the Bank of England (BoE) to tighten its policies further. As a result, the increasing policy divergence between the Federal Reserve and BoE could keep GBP/USD on a downward trajectory.
From a technical perspective:
GBP/USD has dropped below the lower limit of the descending regression channel, and the Relative Strength Index (RSI) on the 1D chart has fallen below 30, highlighting oversold conditions for this currency pair.
1.2240 is considered an immediate support level for this pair. Closing below that level on the 1D chart could open up the possibility of a further decline towards 1.217 and 1.205.
Today, GBPUSD continues its streak of losses, reaching its lowest level in months. Currently, the price is trading at 1.2238, and there are no signs of it stopping the downward trend. The worsening economic conditions in the United Kingdom may force the Bank of England (BoE) to tighten its policies further. As a result, the increasing policy divergence between the Federal Reserve and BoE could keep GBP/USD on a downward trajectory.
From a technical perspective:
GBP/USD has dropped below the lower limit of the descending regression channel, and the Relative Strength Index (RSI) on the 1D chart has fallen below 30, highlighting oversold conditions for this currency pair.
1.2240 is considered an immediate support level for this pair. Closing below that level on the 1D chart could open up the possibility of a further decline towards 1.217 and 1.205.
Nota
good luck everyone <3Nota
Signs of continued price decline, bearish candlesticks appearNota
Pound Sterling continues a four-day losing spell as investors rush for safe-haven assets as uncertainty over global economic prospects deepens due to persistent inflation.
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