GBP/USD is traded at 1.3358 level and is fighting hard to resume its rebound. As you already know, the Dollar Index registered a sharp downside movement which punished the greenback. In the short term, we cannot exclude a swing higher after its failure to make a new lower low.
Fundamentally, the USD received a hit from the Chicago PMI which was reported at 61.8 points below 67.1 expected and compared to 68.4 in the previous reporting period, and from the CB Consumer Confidence which dropped unexpectedly lower from 111.6 to 109.5 points below 110.8 expected.
GBP/USD Technical Analysis!
As you can see on the h4 chart, the GBP/USD pair retested the lower median line (lml) of the ascending pitchfork and now it challenges the 1.3365 static resistance. It tries to stabilize above the 1.3355 weekly pivot point.
Technically, a new higher high may activate potential further growth towards the ascending pitchfork’s median line (ml). Its failure to come back to retest the descending pitchfork’s median line (ML) signaled an oversold and a potential leg higher.
Note: ForexSchoolOnline is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.