GBPUSD Pullback Toward 1.34800 as Dollar Struggles on Soft Data
Hey Traders, in today's trading session we are monitoring GBPUSD for a buying opportunity around the 1.34800 zone. The pair is trading in an uptrend, with price currently in a correction phase as it approaches this key support/resistance level.
Structure: The broader bias remains bullish, though price is retracing after recent highs.
Key level in focus: 1.34800 — a significant area where buyers may look to re-enter in line with the trend.
Fundamentals: The U.S. Dollar Index (DXY) is approaching 97.850 resistance while struggling to push higher following a series of softer data releases. Most notably, the recent soft CPI print has increased expectations for potential rate cuts, keeping pressure on the dollar and supporting GBPUSD’s upside outlook.
Trade safe,
Joe.
Structure: The broader bias remains bullish, though price is retracing after recent highs.
Key level in focus: 1.34800 — a significant area where buyers may look to re-enter in line with the trend.
Fundamentals: The U.S. Dollar Index (DXY) is approaching 97.850 resistance while struggling to push higher following a series of softer data releases. Most notably, the recent soft CPI print has increased expectations for potential rate cuts, keeping pressure on the dollar and supporting GBPUSD’s upside outlook.
Trade safe,
Joe.
Trade active
What a beautiful trigger from support
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Free Telegram Group:
t.me/+MDJZTdS-Mw0xZTA0
The 1% Traders Club:
t.me/+C08gijSq2PMyZTVk
t.me/+MDJZTdS-Mw0xZTA0
The 1% Traders Club:
t.me/+C08gijSq2PMyZTVk
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.