GBP/USD: The decline continues ?
Hello, dear traders! What are your thoughts on GBP/USD? Let’s explore and build a strong trading foundation for the new day!
Overall, GBP/USD experienced a shakeup on Thursday, showing a technical rejection from key moving averages and testing below the 1.2400 level. In context, the Bank of England cut interest rates by an additional 25 basis points but delivered a hawkish tone, leading the market to scale back their expectations for further rate cuts throughout the rest of 2025.
Additionally, the Relative Strength Index (RSI) on the four-hour chart has slightly dipped below 50, indicating a loss of bullish momentum. GBP/USD was last seen trading near 1.2455 (the 0.5 Fibonacci retracement of the latest downtrend). If GBP/USD firmly drops below this level and starts using it as resistance, the previous low of 1.236 could act as support before the price declines further, with a target to fill the GAP formed earlier.
Personally, Joe expects the price to decline significantly during today’s trading session, but after a relatively calm consolidation around the EMA 34 and 89. The pair’s decline is anticipated to reach the 1.2274 level.
Wishing you happy trading and great profits!
Overall, GBP/USD experienced a shakeup on Thursday, showing a technical rejection from key moving averages and testing below the 1.2400 level. In context, the Bank of England cut interest rates by an additional 25 basis points but delivered a hawkish tone, leading the market to scale back their expectations for further rate cuts throughout the rest of 2025.
Additionally, the Relative Strength Index (RSI) on the four-hour chart has slightly dipped below 50, indicating a loss of bullish momentum. GBP/USD was last seen trading near 1.2455 (the 0.5 Fibonacci retracement of the latest downtrend). If GBP/USD firmly drops below this level and starts using it as resistance, the previous low of 1.236 could act as support before the price declines further, with a target to fill the GAP formed earlier.
Personally, Joe expects the price to decline significantly during today’s trading session, but after a relatively calm consolidation around the EMA 34 and 89. The pair’s decline is anticipated to reach the 1.2274 level.
Wishing you happy trading and great profits!
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✅ Trading knowledge
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Join the Tele group: t.me/+xT2uUeadoeo1YTRl
Join our community group to receive support for short Scalping orders and the latest trading strategies!
✅ Trading knowledge
✅ Free trading signal support
Join the Tele group: t.me/+xT2uUeadoeo1YTRl
✅ Trading knowledge
✅ Free trading signal support
Join the Tele group: t.me/+xT2uUeadoeo1YTRl
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