Hello everyone! Let’s take a look at GBP/USD today.
Since the market opened, GBP/USD has shown a slight recovery, currently hovering around 1.259 with support from bullish factors.
This rebound is driven by the mild weakness of the US dollar. Concerns over the US economic outlook and expectations of further Fed policy easing have prevented the USD from sustaining its previous three-day rebound.
Currently, GBP/USD remains within an ascending price channel, bouncing back after touching the lower boundary. If buyers successfully defend this trendline, it won’t be difficult for GBP/USD to aim for higher targets.
Happy trading!