GBPUSD have been bullish since 03/23/2020. Now it just touched a critical resistance @1.4230
It did come back and test this resistance, bounce back and break the trendline which is a good sign for a bearish move.
Fundamental Analysis: US FED announced 4 days ago about funds rate and their expectation for the next coming years. " The Fed left the target range for its federal funds rate unchanged at 0-0.25% in June 2021 but policymakers signalled they expect two increases by the end of 2023. Officials noted progress on vaccinations and strong policy support led to a strength in economic activity and employment " Quoted from Tradingeconomics. We are expecting USD rises up in next coming years which result GBPUSD would go down.
Technical Analysis:
1. Strong Resistance @1.4230
2. Fib. retracement 50%
3. RSI divergence
4. Breaking the upward trendline
5. Engulfing candles pattern
6. Touching 100 EMA
It did come back and test this resistance, bounce back and break the trendline which is a good sign for a bearish move.
Fundamental Analysis: US FED announced 4 days ago about funds rate and their expectation for the next coming years. " The Fed left the target range for its federal funds rate unchanged at 0-0.25% in June 2021 but policymakers signalled they expect two increases by the end of 2023. Officials noted progress on vaccinations and strong policy support led to a strength in economic activity and employment " Quoted from Tradingeconomics. We are expecting USD rises up in next coming years which result GBPUSD would go down.
Technical Analysis:
1. Strong Resistance @1.4230
2. Fib. retracement 50%
3. RSI divergence
4. Breaking the upward trendline
5. Engulfing candles pattern
6. Touching 100 EMA