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Bears vs. Bulls: GBP/USD Extends Losses in Ultimate Showdown
Summary:
The U.S. Dollar Index continued to strengthen, climbing to a near-one-year high, while non-U.S. currencies came under widespread pressure, and the British pound also weakened in tandem.
Sell
TradingGBPUSD
EXP
1.32390
Entry Price
1.28000
TP
1.34500
SL
1.32562 -0.00029 -0.02%
0
Point
Flat
1.28000
TP
CLOSING
1.32390
Entry Price
1.34500
SL
Fundamentals
Following the resignation announcement last week by current British Prime Minister Starmer, uncertainty in British politics has continued to mount. With Labour MP Andy Burnham now the only clear candidate to succeed him, he delivered his first public speech after being elected back to Parliament, outlining the direction of his future policies and fiscal plans. This has, to some extent, stabilized short-term market volatility and driven the pound to continue its rebound, though prices overall remain within the range of a seven-month low.
Benefiting from the implementation of a temporary peace agreement regarding the situation in Iran and the market’s repricing of expectations for the Federal Reserve’s interest rate path, the U.S. Dollar Index has continued to strengthen, climbing to a near-one-year high. Non-U.S. currencies are generally under pressure, and the British pound has weakened in tandem. The overall market risk sentiment has not yet eased, and global financial markets will face multiple key risk events this week that will continue to influence the interlinked movements of the British pound and the U.S. dollar.
Technical Analysis
On the daily chart, the GBP/USD pair shows Bollinger Bands widening downward, with moving averages diverging downward, indicating that the downtrend remains intact. The RSI stands at 41, indicating that market participants are predominantly selling. On the 4-hour chart, the Bollinger Bands are beginning to narrow, moving averages are flattening, and the MACD fast and slow lines are oscillating near the 0-axis, suggesting a high probability of further declines. The RSI stands at 55, indicating that market participants are mostly taking a wait-and-see approach. Strategically, look to sell on rallies.
Trading Recommendation
Trading Direction: Sell
Entry Price: 1.324
Target Price: 1.28
Stop-Loss Price: 1.345
Support Levels: 1.32, 1.3, 1.28
Resistance Levels: 1.37, 1.38, 1.41
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