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GBPUSD holds above key support trendline despite disappointing UK GDP data Short-term trend deteriorates, but confirmation needed below 1.2500 GBPUSD remained squeezed between the 1.2563 resistance and the key support trendline from the 2022 record low in the four-hour chart despite the UK economy falling into a mild technical recession in Q4 2023. The market […]

The post GBPUSD Edges Down as UK Slips into Mild Recession appeared first on Action Forex.

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03/07/2024

EUR/USD Outlook: Bulls Regain Control and Look for Retest of Key Barriers

EURUSD regained traction on Wednesday after moving within wide swings but without direction in past two days. Fresh strength looks for retest of pivotal barriers at 1.0768/71 (55DMA/daily cloud base), which capped Monday’s attack. Technical studies are mixed on daily chart (rising bullish momentum / conflicting MA’s/price weighed by thickening daily cloud). Mixed PMI data […]
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