GBP/USD Continues Downtrend, Aligns with Supply Forecast

30 Jul

GBP/USD has extended its decline after reaching our predicted supply area, as outlined in our previous analysis. (Link below.)

Prolonged Downtrend Expected

The current trend suggests that the price may continue to fall over the next few months, potentially reaching the demand area around 1.24 before experiencing a new bullish impulse. This aligns with our forecast, anticipating a bearish phase until October.

Anticipation of Monetary Policy Announcements

Traders are awaiting key monetary policy announcements from the Federal Reserve on Wednesday and the Bank of England on Thursday. These events are expected to inject fresh volatility into the market, possibly pushing GBP/USD even lower.

Market Sentiment and Indices

Meanwhile, the UK's FTSE 100 Index has dipped by 0.3%, while US stock index futures are trading marginally higher, reflecting a cautious market stance.

Strategy and Outlook

Given these conditions, we maintain our bearish outlook and continue to hold our short position, anticipating further downward movement in GBP/USD.

Previous Forecast:

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✅ Closed 50% and Move SL to breakeven. Close at your discretion.