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The GBP/USD pair plunged in the last hours. It was traded at 1.3422 level at the time of writing below 1.3461 today's high and above 1.3414 today's low. In the short term, the pressure is high as the Dollar Index tries to come back higher.
Today, the UK banks were closed in observance of Boxing Day. Fundamentally, the USD received a helping hand from the US data earlier today. The HPI registered a 1.1% growth versus an expected increase of 0.9%, while the Richmond Manufacturing Index was reported at 16 points above 11 points expected.
GBP/USD failed to stay above 1.3437 and the 150% Fibonacci line which is a signal that the upside movement could be over. Closing below 1.3414 today's low may signal a potential deeper drop towards the 1.3374 static support.
As you already know from my previous analysis, GBP/USD could extend its upwards movement if it makes a valid breakout above 1.3437 and above the 150% line. At the time of writing, the breakout above these obstacles seemed invalidated.
In the short term, we cannot exclude a temporary decline. Still, if the rate comes back and stabilizes above 1.3437 and above the 150% Fibonacci line, GBP/USD may resume its upwards movement towards 1.35 psychological level and up to the warning line (WL1).
In my opinion, as long as it's traded above 1.3374, GBP/USD could still resume its growth as the bias remains bullish in the short term.
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