GBP/USD Price Analysis: 1.2100 under pressure ahead of key US CPI event GBPUSD Technical Analysis
The market was on the back side of the recent supportive trendline at the start of the week and the price broke 1.1900 structure leaving a bearish bias on the charts.The W-formation was supportive of the bearish thesis given that it is a reversion pattern. It was stated that GBP/USD would be expected to move in towards the neckline and day's lows of near 1.2080. So far, we have seen the price dishevelled to test 1.
1.2170, 1.2150 and 1.2113 areas were meanwhile key structure target levels that have either given out or are being tested, guarding against a full-on capitulation of the bulls and bears taking over towards the 1.1900 target area.Information on these pages contains forward-looking statements that involve risks and uncertainties.
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