As we noted in our today’s “Fundamental Analysis“, a breakdown of the “round” support level of 1.2000 is “not far off”. Below the key resistance levels of 1.2570, 1.2740 GBP/USD remains in the long-term bear market zone. After the breakdown of the support level of 1.2000, the next target will be the local support level of 1.1760, and then the mark of 1.1410 (March 2020 low and the lower limit of the descending channel on the weekly chart).
For now, short positions remain preferable (for more details, see “GBP/USD: technical analysis and trading recommendations for 08/17/2022“).
And today, market participants will carefully study the protocols from the July meeting of the Fed in order to more accurately assess the likelihood of an increase in interest rates in September and the further intentions of the leadership of the American central bank. The publication of these protocols is scheduled for 18:00 (GMT).
Support levels: 1.2000, 1.1900, 1.1800, 1.1760, 1.1410
Resistance levels: 1.2120, 1.2175, 1.2270, 1.2570, 1.2740, 1.2800
Image and article originally from www.mql5.com. Read the original article here.