GBP/USD Update: Bearish Sentiment Prevails Amidst Geopolitical..
GBP/USD Update: Bearish Sentiment Prevails Amidst Geopolitical Tensions
The GBP/USD pair continued its descent, approaching the 1.2580 mark early on Tuesday. As investors eagerly anticipate key macroeconomic data releases from the US, the technical indicators for the pair suggest a prevailing bearish trend in the short term.
On Monday, the US Dollar (USD) exhibited strength, benefiting from safe-haven flows that pushed the GBP/USD lower during American trading hours. Adding to the downward pressure was the sustained recovery in US Treasury bond yields, rebounding from the significant decline witnessed in the previous week.
Early on Tuesday, the market sentiment remains cautious, primarily influenced by heightened geopolitical tensions in the Middle East. As of the latest update, the UK's FTSE 100 Index experienced a 0.2% decline, and US stock index futures were showing losses ranging between 0.2% and 0.3%.
From a technical standpoint, the price action indicates a break of the Double Top Neckline. Presently, traders are actively managing short positions, with a potential retest around the 1.2580/1.2600 area on the horizon. Regardless, the outlined target for the GBP/USD is set at 1.2500.
The price seems react at the 61.8% Fibonacci level, this is the reason of your bearish position.
As the market navigates through geopolitical uncertainties and awaits crucial economic indicators, traders are closely monitoring the evolving scenario for strategic decision-making. The intricate interplay between global events and technical signals will undoubtedly shape the trajectory of the GBP/USD pair in the sessions ahead.
Our preference
Short positions with targets at 1.2500 & 1.2450 in extension.
The GBP/USD pair continued its descent, approaching the 1.2580 mark early on Tuesday. As investors eagerly anticipate key macroeconomic data releases from the US, the technical indicators for the pair suggest a prevailing bearish trend in the short term.
On Monday, the US Dollar (USD) exhibited strength, benefiting from safe-haven flows that pushed the GBP/USD lower during American trading hours. Adding to the downward pressure was the sustained recovery in US Treasury bond yields, rebounding from the significant decline witnessed in the previous week.
Early on Tuesday, the market sentiment remains cautious, primarily influenced by heightened geopolitical tensions in the Middle East. As of the latest update, the UK's FTSE 100 Index experienced a 0.2% decline, and US stock index futures were showing losses ranging between 0.2% and 0.3%.
From a technical standpoint, the price action indicates a break of the Double Top Neckline. Presently, traders are actively managing short positions, with a potential retest around the 1.2580/1.2600 area on the horizon. Regardless, the outlined target for the GBP/USD is set at 1.2500.
The price seems react at the 61.8% Fibonacci level, this is the reason of your bearish position.
As the market navigates through geopolitical uncertainties and awaits crucial economic indicators, traders are closely monitoring the evolving scenario for strategic decision-making. The intricate interplay between global events and technical signals will undoubtedly shape the trajectory of the GBP/USD pair in the sessions ahead.
Our preference
Short positions with targets at 1.2500 & 1.2450 in extension.
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