GBPUSD weakened against the US dollar
Support becomes a resistance at the level of 1.2125. The GBP/USD pair fell with UK inflation elevated and still rising, the cost of living crisis taking hold, growth slowing and ongoing Brexit woes, the outlook for the pound is deteriorating. Meanwhile, the USD is supported by safe-haven flows and hawkish Federal Reserve (Fed) bets.
Amid the previous events, the pair is still in a downtrend, because the GBP/USD pair is trading in a bearish trend from the new resistance line of 1.2125 towards the first support level at 1.1900 in order to test it.
If the pair succeeds to pass through the level of 1.1986, the market will indicate a bearish opportunity below the level of 1.1986. The trend is still bearish as long as the price of 1.2125 is not broken.
On the day, this instrument gained +0.85% with the lowest point at 1.1900 and the highest point at 1.2125.
Amid the previous events, the pair is still in a downtrend, because the GBP/USD pair is trading in a bearish trend from the new resistance line of 1.2125 towards the first support level at 1.1900 in order to test it.
If the pair succeeds to pass through the level of 1.1986, the market will indicate a bearish opportunity below the level of 1.1986. The trend is still bearish as long as the price of 1.2125 is not broken.
On the day, this instrument gained +0.85% with the lowest point at 1.1900 and the highest point at 1.2125.
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