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Of course, the dollar has weakened somewhat, but it's hard to call it a rebound considering the scale of its previous growth. The corrective movement was executed for purely technical reasons. The market was generally at a standstill when the US report on new home sales was released. The February reading was 0.3% below the revised January rate, and theoretically, this report should have exerted pressure on the dollar. Apparently, today's Durable Goods Orders awaits the same fate. Market players expect this report to show that orders have increased by 0.3%. But then again the market needs to continue its corrective movement. Moreover, the significance of this report is relatively small, and it is not enough to strengthen the dollar, especially given its overbought condition. In other words, at best, the pair will continue to consolidate around current levels. Although the most likely scenario is a continuation of the local corrective phase. However, the scale may turn out to be even smaller than yesterday.
Amid the speculative movement, the GBP/USD pair has lost about 200 pips, and reached the level of 1.2600. As a result, there are signs of oversold conditions, so the price was due for a correction relative to the recent decline.
On the 4-hour chart, the RSI has left the oversold zone, indicating that its situation has somewhat eased.
On the same chart, the Alligator's MAs are headed downwards, indicating a residual sign of the downward cycle.
Despite the current corrective phase, its scale has not yet reached its limit. If the price settles above the 1.2650 level, the pound could rise further. As for the alternative scenario, the pair could move within the range of 1.2600-1.2650.
In terms of complex indicator analysis, a correction is likely in the short term and intraday.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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