GBP/USD: a U-turn at lower levels?

GBP/USD was above 1.37 a while ago, spent some time there, and went downwards. We were correct to expect that it would reverse the gains adn go down. 1.3650 seems to be the target for bears now. What will they do?

Primary scenario: the bearish wave will not exhaust itself until it goes through the support channel 1.3630 - 1.3650; after that, GBP/USD will get back up to 1.37 and beyond.

Secondary scenario: GBP/USD drops lower to 1.36 and takes much more time between 1.36 and 1.3650.

LOG IN

usd

gbp

market forecast

technical analysis

trend trading

Author: FBS Analyst Team

More by this author

Similar

27.03.2024 14:49 US500: A further correction towards 5192 before resuming purchases.

Bearish Scenario: Sales below 5220... Bullish Scenario: Buys above 5225 (if price fails to break below decisively) ...

21.03.2024 12:05 US30 Trading Strategy and Key Levels: Where Are the Supply and Demand Zones?

Bearish Scenario: Sell below 39600... Anticipated Bullish Scenario: Intraday buys above 39750... Bullish Scenario after Retracement: Intraday buys above 39150

14.03.2024 18:22 US100: Consolidated and preparing correction below 18100. Key levels on H4!

Bearish scenario: Shorts below 18100 with TP1: 17900... Anticipated bullish scenario: Intraday Longs above 18130 with TP...

Latest news

03.04.2024 18:19 USD: Powell Speaks on Cutting Interest Rates

Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...

28.03.2024 16:00 WTT: Currency Pairs To Trade In April

Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.