empty
 
 
pk
سپورٹ
فوری اکاونٹ کھولیں
تجارتی پلیٹ فارم
رقم جمع کروانا / نکلوانا

22.11.202317:05 Forex Analysis & Reviews: GBP/USD: larger correction below 1.2473

The GBP/USD pair ended its leg higher at 1.2557 and now it has turned to the downside and is located at 1.2477 at the time of writing. The Dollar Index's rally helped the USD to take the lead versus its rivals.

Fundamentally, the UK CBI Industrial Production Order Expectations came in at -35 points versus -25 points expected. Earlier, the US Unemployment Claims came in better than expected, white Durable Goods Orders and Core Durable Goods Orders reported poor data. Still, the Revised UoM Consumer Sentiment came in at 61.3 points above the 61.1 points expected and compared to the 60.4 points estimated, that's why the USD could appreciate.

GBP/USD Rising Wedge Violated!

Exchange Rates 22.11.2023 analysis

Technically, the currency pair failed to retest the Rising Wedge's upside line signaling exhausted buyers. Now, it has registered an aggressive breakdown through the confluence area formed at the intersection between the uptrend line with the 1.2504 static support.

Still, after this sell-off, we cannot exclude a temporary rebound as the rate could come back to test and retest the broken uptrend line.

GBP/USD Outlook!

Now, it challenges the former low of 1.2468, a bearish closure below activates more declines and is seen as a selling opportunity.

*تعینات کیا مراد ہے مارکیٹ کے تجزیات یہاں ارسال کیے جاتے ہیں جس کا مقصد آپ کی بیداری بڑھانا ہے، لیکن تجارت کرنے کے لئے ہدایات دینا نہیں.

Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.

ابھی فوری بات نہیں کرسکتے ؟
اپنا سوال پوچھیں بذریعہ چیٹ.