GBPUSD → A favorable PCE could resume the bullish trend ↑

26 Jul

GBPUSD is forming a counter-trend correction amid the dollar recovery. Ahead of PCE, data may determine the medium-term outlook for the FOREX market



Technically, the market is increasing bets that the PCE may show hints of lower inflation, which will generally increase the chances of a September interest rate cut in the US. This could be negative for the dollar and positive for the currency pair. But no one rules out an unpredictable outcome, against which the currency pair could decline to 1.277
Technically, I would pay attention to the resistance at 1.2894. A consolidation above this zone will confirm the phase of the bull market, against which the price may rise to 1.30 - 1.31.

Resistance levels: 1.2898
Support levels: 1.2850

Fundamentally, things are not so bad. Favorable data can resume the trend after the correction phase, but it is still worth paying attention to the actual PCE figures and only then you can build a medium-term strategy

Rate, share your opinion and questions, let's discuss what's going on with ★GBPUSD ;)


Regards R. Linda!