GBP/USD consolidates above 1.2400
Hello dear friends!
Today, GBP/USD continues its search for meaningful upside momentum and is fluctuating around 1.239. Bet that the Fed completing its rate hike will limit the USD recovery and support the pair.
On chart analysis: GBP/USD broke out of the downtrend channel on Tuesday and experienced a rally up to 1.25. However, a quick price correction occurred after the pair reached the upper limit of the new uptrend channel. The downside is heading towards the current support level at 1.23, which is close to the lower limit of the uptrend channel, where a recovery could emerge once again.
Today, GBP/USD continues its search for meaningful upside momentum and is fluctuating around 1.239. Bet that the Fed completing its rate hike will limit the USD recovery and support the pair.
On chart analysis: GBP/USD broke out of the downtrend channel on Tuesday and experienced a rally up to 1.25. However, a quick price correction occurred after the pair reached the upper limit of the new uptrend channel. The downside is heading towards the current support level at 1.23, which is close to the lower limit of the uptrend channel, where a recovery could emerge once again.
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