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GBP/USD trimmed early losses, accelerating its slump early US session, and trading in the 1.3220 region. Market players keeping an eye on the US 10-year Treasury note yield, and a possible break above 1.50%.
From a technical perspective, the emergence of fresh selling at higher levels validates last week's bearish break through a short-term descending channel extending from July. This, in turn, supports prospects for an extension of the recent downward trajectory from the 1.3830-35 region touched in October. Hence, a subsequent slide back towards testing sub-1.3200 levels, or the YTD low set last week, remains a distinct possibility. Some follow-through selling should pave the way for a fall towards the next relevant support near the 1.3125 region en-route the 1.3100 mark and the 1.3050-45 region.
On the flip side, the 1.3290-1.3300 region might continue to act as immediate strong resistance. A sustained strength beyond could prompt some short-covering move and accelerate the recovery towards the 1.3340-50 supply zone. This is followed by resistance near the 1.3370 area and the 1.3400 level. The latter should act as a key barrier, which if cleared decisively will suggest that the pair has formed a near-term base and negate the bearish outlook
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
