The falling USD has partly supported this pair despite deteriorating risk appetite due to geopolitical concerns. The next event of focus is key UK wage inflation data and the September US Retail Sales report released on Tuesday.
On the H4 frame, the RSI indicator dropped below 40, showing a short-term bearish trend. The 1.2200 area with 2 MA lines 50 and 100 will be important resistance.
After confirmation of surpassing 1.2200, GBP/USD may continue to rebound to the MA 20 at 1.2250 and the 23.6% Fibo level of the decline from the July peak to the October bottom at 1.2300.
On the H4 frame, the RSI indicator dropped below 40, showing a short-term bearish trend. The 1.2200 area with 2 MA lines 50 and 100 will be important resistance.
After confirmation of surpassing 1.2200, GBP/USD may continue to rebound to the MA 20 at 1.2250 and the 23.6% Fibo level of the decline from the July peak to the October bottom at 1.2300.
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Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/xauusdtradingfx
🔴9-12 signals per day
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🔴24/7 support for newbies.
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🔴You always have priority.
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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.