GBPUSD: Continuing downtrend
Hello everyone, The GBP/USD pair has recovered from recent losses in the first trading hours in Asia on Wednesday. The major currency pair touched its lowest level in 4 days near 1.2650 and bounced back towards the 1.2700 mark.
Meanwhile, Investors are awaiting the release of the UK's Manufacturing and Services PMI for January to gain new momentum.
With the potential formation of a top at 1.2746, indicated by the Dow Theory added to that, the current support level is at 1.2648. Additionally, Fibonacci also points to a retracement of the gold price reaching the perfect levels of 0.5 and 0.618. The expected downward trend is likely to commence with a price decline reaching the level of 1.618, which is at 1.2587, breaking through the current support level.
Meanwhile, Investors are awaiting the release of the UK's Manufacturing and Services PMI for January to gain new momentum.
With the potential formation of a top at 1.2746, indicated by the Dow Theory added to that, the current support level is at 1.2648. Additionally, Fibonacci also points to a retracement of the gold price reaching the perfect levels of 0.5 and 0.618. The expected downward trend is likely to commence with a price decline reaching the level of 1.618, which is at 1.2587, breaking through the current support level.
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