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The GBP/USD pair dropped again after failing to stabilize above the 1.23 psychological level. Now, it is located at 1.2278 at the time of writing, above today's low of 1.2232. The bias remains bearish despite temporary rebounds as the Dollar Index is bullish.
Fundamentally, the German Retail Sales reported only a 0.4% growth versus the 0.5% growth estimated, Flash Services PMI came in at 47.2 points versus 49.3 points expected, while Flash Manufacturing PMI jumped from 43.0 to 44.2 points. Still, the manufacturing and services sectors remain in the contraction territory.
The US Flash Manufacturing PMI came in better than expected, but the sector remains in the contraction territory, while Flash Services PMI came in at 50.2 below 50.7 expected and below 50.5 in the previous reporting period, signaling a slowdown in expansion.
From the technical point of view, the GBP/USD pair is trapped between 1.2307 and 1.2236 levels. Dropping below the S1 (1.2320) signaled more declines.
Now, it has failed to make a new lower low, signaling exhausted sellers. So, the rate could try to test and retest the immediate resistance levels before going down.
False breakouts through the 1.2307 may announce a new sell-off and could bring us a new short opportunity. Still, only a new lower low, a bearish closure below 1.2236 activates more declines. This is seen as a selling signal.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
