📌GBP/USD entered a technical correction and closed Thursday down after gaining 0.75% on Wednesday. The pair continued to rebound on Friday and traded near the 1.2700 resistance level.
📌Atlanta Fed President Raphael Bostic acknowledged inflation progress in April but noted that the Fed has not yet begun to ease policy. In a similar tone, Cleveland Fed President Loretta Mester noted that monetary policy was on track while they review more data, and Richmond Fed President Thomas Barking told CNBC that the Index data The latest consumer prices (CPI) show that inflation is not at a low level. The Fed tried to get.
📌The 34, 89 EMA is an important support level for GBP/USD at 1.2630. If the pair touches and confirms this as support, buyers will likely enter the market. In a bullish scenario resistance levels may appears at 1.2700 with a level of 1.2780 (78.6% Fibonacci retracement of the recent decline) if crossed will move towards the psychological level of 1.2800. Vice versa, if GBP/USD closes below 1.2630. This could attract sellers and usher in an extended correction towards 1.2600 (and 1.2540
🕯Trading signals
SELL zone 1.27800-128000 SL 1.28300
BUY zone 1.26000-1.25800 SL 1.25500
📌Atlanta Fed President Raphael Bostic acknowledged inflation progress in April but noted that the Fed has not yet begun to ease policy. In a similar tone, Cleveland Fed President Loretta Mester noted that monetary policy was on track while they review more data, and Richmond Fed President Thomas Barking told CNBC that the Index data The latest consumer prices (CPI) show that inflation is not at a low level. The Fed tried to get.
📌The 34, 89 EMA is an important support level for GBP/USD at 1.2630. If the pair touches and confirms this as support, buyers will likely enter the market. In a bullish scenario resistance levels may appears at 1.2700 with a level of 1.2780 (78.6% Fibonacci retracement of the recent decline) if crossed will move towards the psychological level of 1.2800. Vice versa, if GBP/USD closes below 1.2630. This could attract sellers and usher in an extended correction towards 1.2600 (and 1.2540
🕯Trading signals
SELL zone 1.27800-128000 SL 1.28300
BUY zone 1.26000-1.25800 SL 1.25500
Trade active
Trade active
GBP/USD edges higher after falling to a daily low below 1.2650 in the European session on Friday. The US Dollar holds its ground following the selloff seen after April inflation data and makes it difficult for the pair to extend its rebound. Fed policymakers are scheduled to speak later in the day.