GBP/USD Breaking Below Key Support
Chart Analysis:
The GBP/USD pair has extended its decline, breaking below the 1.2487 support level, with the current price at 1.2378. The bearish momentum is intensifying as the pair approaches further key levels.
1️⃣ Key Support Breakdown:
The breach of 1.2487 indicates increased selling pressure. The next major support level lies near 1.2300.
2️⃣ Moving Averages:
50-day SMA (blue): Positioned at 1.2723, acting as a strong dynamic resistance.
200-day SMA (red): At 1.2810, further reinforces the bearish outlook as the price trades well below it.
3️⃣ Momentum Indicators:
RSI: At 31.71, nearing oversold territory, which may result in a short-term consolidation or relief bounce.
MACD: Deeply negative, confirming strong bearish momentum with no clear signs of reversal.
What to Watch:
Immediate downside targets: Watch for price action near 1.2300 as the next significant support level. A break below this could open the door to 1.2200.
Upside potential: For any recovery, the price must reclaim 1.2487 and move above the 50-day SMA, which is currently unlikely given the bearish momentum.
GBP/USD is firmly in a downtrend, with key levels breaking and indicators signaling continued selling pressure. Oversold conditions could lead to a short-term pause.
-MW
The GBP/USD pair has extended its decline, breaking below the 1.2487 support level, with the current price at 1.2378. The bearish momentum is intensifying as the pair approaches further key levels.
1️⃣ Key Support Breakdown:
The breach of 1.2487 indicates increased selling pressure. The next major support level lies near 1.2300.
2️⃣ Moving Averages:
50-day SMA (blue): Positioned at 1.2723, acting as a strong dynamic resistance.
200-day SMA (red): At 1.2810, further reinforces the bearish outlook as the price trades well below it.
3️⃣ Momentum Indicators:
RSI: At 31.71, nearing oversold territory, which may result in a short-term consolidation or relief bounce.
MACD: Deeply negative, confirming strong bearish momentum with no clear signs of reversal.
What to Watch:
Immediate downside targets: Watch for price action near 1.2300 as the next significant support level. A break below this could open the door to 1.2200.
Upside potential: For any recovery, the price must reclaim 1.2487 and move above the 50-day SMA, which is currently unlikely given the bearish momentum.
GBP/USD is firmly in a downtrend, with key levels breaking and indicators signaling continued selling pressure. Oversold conditions could lead to a short-term pause.
-MW
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