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GBPUSD Technical Analysis - US Dollar Weakness Prevailing

On the daily chart below for GBPUSD we can see that the price has been consolidating around the top of the major range at 1.2444. The red long period moving average though gave support to the buyers and limited all the sellers’ attempts to break down. The US Dollar weakness is connected with the market expectations that the Fed is done hiking rates and will begin cutting them before the end of the year. Not even a strong NFP report last Friday could change the market’s view as the downward spike... Read More

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Content Topics

Gbpusd

Technical

Analysis

Dollar

Weakness

Prevailing

Forex

Posted: May 9 2023, 08:09

Author Name: forexlive

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