GBP/USD Sharp Decline to 1.2600 Amid Surging USD Pressure
At the moment, the price of the GBP/USD currency pair is still going up, which is making investors and traders feel positive. But when the US released its inflation data on Wednesday, the price of GBP/USD suddenly dropped a lot, down to 1.2600. This happened because the US dollar (USD) became stronger after the inflation data came out higher than expected. So, the GBP lost a lot of its value because of the strong USD.
Looking at the technical indicators, we can see signs that the price is changing direction from going up to going down. For example, the Relative Strength Index (RSI) dropped to about 40 on the 4-hour chart. This sign suggest that the price might keep going down for a while, starting a new downward trend soon.
Looking at the technical indicators, we can see signs that the price is changing direction from going up to going down. For example, the Relative Strength Index (RSI) dropped to about 40 on the 4-hour chart. This sign suggest that the price might keep going down for a while, starting a new downward trend soon.
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