The pound extended its decline amid a stronger dollar and softening UK labour market, which fueled BoE rate cut expectations. From a technical perspective, GBPUSD broke out of the ascending channel and closed below the Ichimoku Cloud. If GBPUSD extends its decline and breaks the support at 1.3100, the price could approach the following swing low at 1.2720. Conversely, a rebound from the support at 1.3100 could prompt a retest of the resistance at 1.3380.
By Li Xing Gan, Financial Markets Strategist Consultant to Exness
By Li Xing Gan, Financial Markets Strategist Consultant to Exness
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.