GBP/USD Faces Resistance and Turns Bearish: Targets 1.2070 Amid Weak UK Data

The Australian Dollar Faces Challenges Amid Economic Contractions and Fed Rate Cut Speculations


Yesterday, the British pound failed to overcome the resistance of the MACD indicator line (red arrow) and, turning away from it, closed the day with a loss of 62 points. Now the price is aiming for the lower line of the price channel around 1.2130. Overcoming the support opens the target level of 1.2070 – the average low of October 26, 2023 and May 18, 2020.

Today, the UK is expected to release weak data; GDP for the 3rd quarter may show a decrease of 0.1% (0.5% YoY against 0.6% YoY earlier), industrial output for September is expected to contract by 0.5%, industrial production for the same month is forecasted to decrease by 0.1%.

On the 4-hour chart, the price has overcome the support of the MACD line, and the Marlin oscillator is decreasing in the downtrend territory. The pair has a great potential to move down.


The Australian Dollar Faces Challenges Amid Economic Contractions and Fed Rate Cut Speculations

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