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The Fed officials' speeches and the content of the FOMC minutes did not leave any impression on the market. This is because they did not bring anything new, especially regarding the possible timing of the start of the Fed's rate cut. So the pound remained still.
Today, however, we have the busiest day of the trading week due to the release of preliminary estimates of business activity indices. It is noteworthy that market players expect growth in all the UK indicators, whereas forecasts for the United States are the exact opposite. If this turns out to be the case, the pound may experience a bit more growth. Another factor that could support the pound would be the US unemployment claims report, which may show an increase in figures.
GBP/USD is moving above the 1.2600 level, indicating a gradual increase in the volume of long positions. In terms of technical analysis, the pair could go back to the sideways channel of 1.2600/1.2700/1.2800 that it previously passed.
On the four-hour chart, the RSI technical indicator is hovering in the upper area of 50/70, which points to the growth in buying volumes.
On the same time frames, the Alligator's MAs are headed upwards, corresponding to the current cycle.
In case the pair rises further, the price may move towards the average level of 1.2700, relative to which it will become clear whether the price will go back to trading in the 1.2600/1.2800 range. The bearish scenario will come into play if quotes return below the 1.2600 level, which will increase the bears' chance of pushing the pair towards the support area of 1.2500/1.2530.
The complex indicator analysis unveiled that in the short-term and intraday periods, indicators suggest the possibility of the pound's recovery.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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