GBP/USD traded in a consolidative manner during the European morning Thursday, staying between the support of 1.2100 (S1) and the resistance zone of 1.2260 (R1). The short-term path remains negative in my view, but given that sellers failed to break below 1.2100 (S1) today and also taking a look at our short-term oscillators, I prefer to adopt a “wait and see” stance for now as a corrective rebound may be looming. The RSI rebounded from near its 30 line, while the MACD, although negative, stands above its trigger line and points up. As for the broader trend, the close below 1.2850 on the 4th of October has signaled the downside exit of the sideways range the pair had been trading since the 24th of June and turned the medium-term outlook back to the downside. This is another reason I would treat any short-term recovery as a corrective phase for now.
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