As dawn broke over the Asian markets this Friday, the GBP/USD found itself in a descent, meandering around the 1.2700 territory. The major currency pair dipped to its multi-day nadir near 1.2740 amidst a U.S. dollar revival, fueled by robust American economic data. Later today, market players will set their sights on the preliminary U.S. Consumer Sentiment for March, anticipated to hover steadily at 76.9.
The 4-hour chart reveals that the pair has breached its previous weekly low of 1.2744, yet a conclusive daily close below this threshold is required before the Pound weakens further. Should this occur, the next support vista lies at 1.2700, with a fresh low potentially forming at 1.2685. On the flip side, a resurgence above 1.2800 by the bulls could prompt a retest of the weekly acme at 1.2823.
The 4-hour chart reveals that the pair has breached its previous weekly low of 1.2744, yet a conclusive daily close below this threshold is required before the Pound weakens further. Should this occur, the next support vista lies at 1.2700, with a fresh low potentially forming at 1.2685. On the flip side, a resurgence above 1.2800 by the bulls could prompt a retest of the weekly acme at 1.2823.
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