GBPUSD Still Bearish but Retracement is Underway

GBPUSD Still Bearish but Retracement is Underway

The GBP/USD has started a retracement after the FED has made an (un)expected rate cut to 0 bps. We might see a bullish move prior to any move down.

The FED slashed the rates from 1.25 % to 0 % during the weekend. We can see that the market is in a retracement mode but we also see the POC zone. 1.2470-1.2530 is the zone where we might see another drop in the GBP/USD. The first target is 1.2400 followed by 1.2340. Only below we should see the downtrend continuation. Markets are very volatile and this is a good time to trade with a lower risk though.

The analysis has been done with the CAMMACD.Core System.

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Source: FxStreet


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