GBP / USD ahead of the US NFP
The GBP/USD currency pair has rebounded from its lowest point in seven months, which was at $1.2038. As a result, the pair has surpassed its downtrend channel resistance line at $1.2178, and it is now approaching last week’s high of $1.2271
GBPUSD Price Action
The main trend of GBP/USD is currently bullish. However, you believe that the currency pair is currently in a retracement phase and will soon approach a support zone that you have indicated in a video. You anticipate that once the pair reaches this support zone, it will begin to decline again, particularly during the release of the Non-Farm Payroll (NFP) report. It’s worth noting that NFP is a major economic indicator that can have a significant impact on the forex market, and traders often adjust their positions accordingly.
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Understanding the Current State
As of the latest market analysis, the GBP/USD currency pair has been on a bullish trend, indicating that the British pound (GBP) has been gaining strength against the US dollar (USD). This upward movement has been driven by various factors, including economic data, political developments, and market sentiment.
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