The GBP/USD experienced an initial pullback during Thursday\u0027s trading session, reflecting the ongoing market volatility.
Short-term pullbacks are now likely to present buying opportunities. While I previously suggested the possibility of a more substantial pullback, that window appears to have closed. The 1.30 level is likely to be the market's target over the next few weeks, although this doesn't necessarily imply a straight upward trajectory.
The 1.2550 level now serves as the market's floor. However, I must acknowledge that this is a very bullish market, and it appears poised for a significant upward move. Viewing the situation through a lens of bullish pressure, I see no opportunity to short this market in the near future. In fact, a move to short would only be considered if the market broke down below the 1.2350 level, a scenario that seems far removed from the current market dynamics.
In the end, the British pound's performance during Thursday's trading session was marked by an initial pullback, followed by a complete turnaround and a breakout to the upside. This momentum suggests a market trajectory towards the 1.30 level. Short-term pullbacks are likely to present buying opportunities, and the market's
nature suggests a significant upward move. Given the momentum and market dynamics, a "buy on the dip" strategy could be an effective approach for acquiring British pounds at a lower cost.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
GBP/USD retreats from YTD high as Fed holds rates steady signals further tighteningGBP/USD dropped after the US Federal Reserve (Fed) held rates unchanged, in a buy-the-rumor, sell-the-fact reaction, as the GBP/USD is set to erase so
Read more »
GBP/USD Price Analysis: Hourly support structures are eyedGBP/USD was higher on the day as it approached 1.27 the figure ahead of the Federal Reserve on Wednesday. It reached its strongest level since April 2
Read more »
GBP/USD slips below mid-1.2600s, away from over one-year top set on WednesdayThe GBP/USD pair edges lower during the Asian session on Thursday and moves further away from its highest level since April 2022, around the 1.2700 ma
Read more »
GBP/USD: Next on the upside comes 1.2790 – UOBIn the view of Economist Lee Sue Ann and Markets Strategist Quek ser Leang at UOB Group, further upside could now lift GBP/USD to the 1.2790 region in
Read more »
GBP/USD Price Analysis: Eyes 1.2700 as Fed-BoE policy divergence sets to squeezeThe GBP/USD pair has witnessed a halt after a recovery extension to near 1.2670 in the European session. The Cable is expected to resume its upside jo
Read more »
GBP/USD Forex Signal: Cup and Handle Pattern FormsThe GBP/USD pair jumped to the highest level in 2023 after the Federal Reserve decision.
Read more »