GBPUSD in Strong Bearish Bias, Breaking Support at 1.6250
It shows that GBPUSD has a strong bearish bias as per the technical overview. It broke a strong support zone at 1.6250, then pulled back to retest this zone and again resumed bearish movement. More bearish is expected now targeting 1.5850 followed by 1.5750.
Key Points for GBPUSD Technical Outlook:
– Bearish Bias: GBPUSD remains in a strong bearish trend.
– Break of Support at 1.6250: The pair broke through this significant support zone.
– Retest and Rejection: GBPUSD pulled back to retest 1.6250 and then resumed its bearish movement.
– Next Targets: 1.5850 followed by 1.5750.
– USD Strength: Driven by robust US economic data and consistent growth.
– Influencing Factors: Lack of significant positive economic data from the UK.
Bearish Targets Price
Given the recent price action, more bearish movement is expected. The next targets for GBPUSD are set at 1.5850, followed by 1.5750. These levels are key areas to watch as potential support zones where price action could react.
USD Strength Factors
The strength of the USD continues to be a driving factor behind the bearish trend in GBPUSD. The US economy has been performing well, supported by strong economic data. This resilience in the US economic growth of the USD contributes to the ongoing bearish pressure on the GBPUSD pair.
Key Factors Influencing GBPUSD
Several key factors are influencing the bearish outlook for GBPUSD. The break and retest of the 1.6250 support zone highlight the pair’s downward momentum. Additionally, the lack of significant positive economic data from the UK is adding to the bearish sentiment. Get Our Forex Signals with exact entry, SL, TP – It is FREE to try!
Key Levels to Watch
- Resistance Level: 1.6250 (previous support)
- Bearish Targets: 1.5850 and 1.5750
Conclusion
In summary, the ETechnical Outlook for GBPUSD indicates a strong bearish bias. The break and retest of the 1.6250 support zone have paved the way for further bearish movement, with the next targets being 1.5850 and 1.5750. The strength of the USD, supported by favorable economic data, and the lack of positive developments from the UK, suggest that the bearish trend is likely to continue. Keeping an eye on key fundamental events this week will be essential for understanding potential impacts on the GBPUSD pair’s direction.
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