๐ GBPUSD Under Pressure & Support Broken! ๐
the 
GBPUSD pair is currently under intense pressure, and it's just broken through a crucial support level at 1.22800. The charts are revealing an interesting story as our Fibonacci retracement suggests that the next stop might be around 1.1800. What's even more intriguing is that this level coincides with the last major resistance point on the chart.
The Fibonacci retracement levels are powerful tools for identifying potential support and resistance zones. In this case, it's pointing us towards 1.1800 as a significant level to watch.
Just yesterday, the Federal Reserve announced that it would be keeping interest rates unchanged at 5.5%. This decision is essential to monitor, as it can have a substantial impact on the USD's strength and, consequently, GBPUSD. A steady interest rate could suggest stability for the USD, but it's essential to keep an eye on any future developments.
While we can't expect a straight plummet to 1.1800 "like a bear falling from a window," all signs point to this being the next significant stop.
Happy trading, everyone! ๐น๐๐
GBPUSD pair is currently under intense pressure, and it's just broken through a crucial support level at 1.22800. The charts are revealing an interesting story as our Fibonacci retracement suggests that the next stop might be around 1.1800. What's even more intriguing is that this level coincides with the last major resistance point on the chart.The Fibonacci retracement levels are powerful tools for identifying potential support and resistance zones. In this case, it's pointing us towards 1.1800 as a significant level to watch.
Just yesterday, the Federal Reserve announced that it would be keeping interest rates unchanged at 5.5%. This decision is essential to monitor, as it can have a substantial impact on the USD's strength and, consequently, GBPUSD. A steady interest rate could suggest stability for the USD, but it's essential to keep an eye on any future developments.
While we can't expect a straight plummet to 1.1800 "like a bear falling from a window," all signs point to this being the next significant stop.
Happy trading, everyone! ๐น๐๐
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