GBPUSD is currently in a phase of recovery on the 4-hour chart, bouncing back from its previous decline at 1.2109. The current price stands at 1,220. It is worth noting that there is a possibility of GBP's strong recovery extending to around 1.2250 before stabilizing. However, it is unlikely that the next level of resistance at 1.2300 will be challenged.
Despite exceeding expectations in terms of its recovery, GBP has not yet reached the critical resistance level of 1.2300 (which represents a significant drop from its previous high of 1.2271). Short-term price increases are not generating any meaningful momentum, suggesting that GBP is unlikely to make further gains.
Looking ahead, it is anticipated that GBP will continue to consolidate and potentially trade within the range of 1.2145 - 1.2255 today.
Despite exceeding expectations in terms of its recovery, GBP has not yet reached the critical resistance level of 1.2300 (which represents a significant drop from its previous high of 1.2271). Short-term price increases are not generating any meaningful momentum, suggesting that GBP is unlikely to make further gains.
Looking ahead, it is anticipated that GBP will continue to consolidate and potentially trade within the range of 1.2145 - 1.2255 today.
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Good luck everyone
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In case risk flows continue to dominate financial markets after Wall Street's opening bell, the USD could weaken against its rivals, opening the door for a prolonged recovery in GBP/USD .
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