GBPUSD: Downtrend is still going on!
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GBP/USD is struggling to maintain its upward momentum and is trading below 1.2550 during the US session. Earlier in the day, disappointing April jobs reports from the US triggered a USD sell-off, pushing the pair to multi-week highs above 1.2600. However, it failed to hold this level and quickly fell to 1,254.
On the other hand, the daily chart shows that the sharp rise in GBP/USD broke the 34, 89 EMA, forming a 'shooting star' pattern, opening up opportunities for sellers.
GBP/USD is struggling to maintain its upward momentum and is trading below 1.2550 during the US session. Earlier in the day, disappointing April jobs reports from the US triggered a USD sell-off, pushing the pair to multi-week highs above 1.2600. However, it failed to hold this level and quickly fell to 1,254.
On the other hand, the daily chart shows that the sharp rise in GBP/USD broke the 34, 89 EMA, forming a 'shooting star' pattern, opening up opportunities for sellers.
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