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Cable remains at the back foot on Wednesday after Tuesday’s pullback from new multi-month high (1.3593) cracked psychological 1.3500 support. Price dipped to 1.3561 this morning, but quick bounce to 1.3500 zone points to headwinds that fresh bears face. Today’s action was so far shaped in Doji candle (indecision) with short-lived probe below initial Fibo […]

The post GBP/USD: Initial Supports Hold Pullback for Now appeared first on Action Forex.

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29/07/2024

GBP/USD Outlook: Bears Resume After a Brief Consolidation

Cable fell further at the beginning of the week, after larger bears paused for consolidation on Friday. Current bets show 60% chance of BoE rate cut at Thursday’s policy meeting, which continues to weigh on sterling. Technical picture on daily chart weakened further after Monday’s acceleration broke below 1.2830 pivot (50% retracement of 1.2615/1.3044 / […]
16/06/2025

EUR/USD Supported for More Upside—Is The Dollar Losing Its Grip?

Key Highlights EUR/USD started a fresh increase above the 1.1420 resistance. A key bullish trend line is forming with support at 1.1500 on the 4-hour chart. GBP/USD is now consolidating gains near the 1.3550 zone. Gold prices are moving higher and might revisit $3,465. EUR/USD Technical Analysis The Euro gained pace for a move above […]
17/01/2025

EURJPY Wave Analysis

EURJPY broke support zone Likely to fall to support level 158.00 EURJPY currency pair recently broke the support zone located between the key support level 160.200, (which has been reversing the pair from December) and the 50% Fibonacci correction of the upward ABC correction 2 from last month. The breakout of this support zone accelerated […]