As we noted in our Fundamental Analysis today, “by buying bonds, the Bank of England has effectively suspended its planned quantitative tightening”. Given the fact that the Fed intends to continue its super-tight cycle of monetary policy, which will further strengthen the dollar, we should expect a resumption of decline in GBP/USD.
Breakdown of today's local support level 1.0764 will be a signal to open new short positions.
In an alternative scenario, a breakdown of the resistance level 1.0998 may provoke a further corrective growth of the GBP/USD, up to the resistance levels 1.1438, 1.1585. Further growth looks unlikely so far, while the US dollar is at the highs of the last 20 years. In general, the downward dynamics of the GBP/USD remains, despite the current upward correction.
Support levels: 1.0764, 1.0700, 1.0600, 1.0500, 1.0400, 1.0353
Resistance levels: 1.0998, 1.1438, 1.1585, 1.1700, 1.2165, 1.2380
see details -> https://www.instaforex.com/ru/forex_analysis/322918/?x=PKEZZ
signals -> https://www.mql5.com/en/signals/author/edayprofit
see also “Technical analysis and trading recommendations” -> https://t.me/fxrealtrading
