The British Pound Exhibits Weekly Weakness Against the US Dollar
Last week saw a decline of approximately -0.4 percent for the British Pound against the US Dollar. With four consecutive weeks of losses, this marks the most substantial losing streak for GBP/USD since May 2022. Should a fifth week of losses ensue, it would represent the most significant slump since December 2018.
A glance at the provided daily chart confirms the breach of the ascending trendline that had been established since the prior year. As the new trading week commences, the Sterling hovers near the pivotal 1.268 level. A downward breakthrough could lead to an encounter with the 100-day Moving Average (MA) and the late June low of 1.2592, which might redirect focus toward the upside.
Alternatively, sustained losses might pave the way for a revisit to the May low of 1.2308. Conversely, should a reversal materialize, close monitoring of the 1.2848 inflection zone is advised. Surpassing this threshold could potentially open the door to further upward movement, potentially extending towards the high recorded in July.
GBPUSD BUY 1.2660 - 1.2680 💯💯
✅TP1: 1.2710
✅TP2:1.2730
🛑SL 1.2630
Last week saw a decline of approximately -0.4 percent for the British Pound against the US Dollar. With four consecutive weeks of losses, this marks the most substantial losing streak for GBP/USD since May 2022. Should a fifth week of losses ensue, it would represent the most significant slump since December 2018.
A glance at the provided daily chart confirms the breach of the ascending trendline that had been established since the prior year. As the new trading week commences, the Sterling hovers near the pivotal 1.268 level. A downward breakthrough could lead to an encounter with the 100-day Moving Average (MA) and the late June low of 1.2592, which might redirect focus toward the upside.
Alternatively, sustained losses might pave the way for a revisit to the May low of 1.2308. Conversely, should a reversal materialize, close monitoring of the 1.2848 inflection zone is advised. Surpassing this threshold could potentially open the door to further upward movement, potentially extending towards the high recorded in July.
GBPUSD BUY 1.2660 - 1.2680 💯💯
✅TP1: 1.2710
✅TP2:1.2730
🛑SL 1.2630
