See also
29.11.2023 05:09 PMThe GBP/USD pair is trading in the green at 1.2700 at the time of writing. It remains to see how it reacts around this psychological level. The bias remains bullish, so further growth could be natural as the Dollar Index remains under deep selling pressure.
Fundamentally, the UK Net Lending to Individuals matched expectations, while Mortgage Approvals and M4 Money Supply reported positive data. On the other hand, the USD could try to take the lead as the US Prelim GDP reported a 5.2% growth versus the 5.0% growth expected, while the Prelim GDP Price Index rose by 3.6% beating the 3.5% growth estimated.
From the technical point of view, the bias is bullish as long as it stays above the uptrend line. It has increased within an up channel but its failure to reach and retest the upside line announced exhausted buyers.
Now, it has developed a potential Head & Shoulders pattern. Still, a downside reversal is far from being confirmed.
As long as it stays above the uptrend line, the GBP/USD pair could resume its growth. New false breakdowns could bring us new longs.
On the other hand, dropping and closing below 1.2672 and under the uptrend line is seen as a selling opportunity. This scenario activates the bearish pattern.
Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.
If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.
Why does your IP address show your location as the USA?
Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaTrade anyway.
We are sorry for any inconvenience caused by this message.
