The $GBPUSD experienced fluctuations during trading session, as traders remain indecisive around the 1.20 level.
In the event that the pound falls below the 1.1850 level, it is highly probable that the currency will decline toward the 1.15 level. This would not only indicate weakness in the pound, but it would also likely lead to US dollar strength across Forex markets. If this happens, we could continue to see fluctuations in the short term, particularly as the 50-Day EMA and the 200-Day
are just above the current price level. However, breaking above these moving averages could result in traders entering the market to push the price higher, potentially challenging the 1.2253 regions, which previously experienced selling pressure.Breaking above the shooting star from last week would open up the possibility of a move back to the previous double top, located near the 1.24 level, and resistance could be observed all the way up to the psychologically important 1.25 level.
In the short term, we can expect more volatile behavior in the market, but this is nothing new, as FX volatility has increased worldwide. As a result, short-term traders are expected to thrive in this market while swing traders await more substantial opportunities. Unfortunately, that’s probably going to be the case going forward, as are just no real conviction at this point when it comes to most assets.
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