📊TECHNICAL ANALYSIS ON 4-HOURS TIMEFRAME
The GBPUSD pair broke 1.2130 again and attempts to hold below it, to support the continuation of the expected bearish trend for the upcoming period, which targets 1.2037 followed by 1.1920 levels as next main stations. The EMA50 continues to support the suggested bearish wave, which will remain valid unless breaching 1.2205 and holding above it. The expected trading range for today is between 1.2040 support and 1.2200 resistance.
📊QUICK FUNDAMENTAL LOOK
Sterling fell in European trade against a basket of major rivals, resuming losses against the dollar and hovering near a two-week low and on track for the second weekly loss in a row following grim UK retail sales data. The data pointed to a direction of recession for the UK economy, hurting chances of another interest rate hike by Bank of England this year.
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