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EURUSD
EURUSD
GBP/USD Price Forecast: Tests 1.3450 support after moving below nine-day EMA
Key Takeaways (30s Read)
GBP/USD is testing the 1.3450 support after moving below the lower boundary of the ascending channel.
GBP/USD is subdued and trading around 1.3460 during Asian hours, continuing a downward trend for the second consecutive day. Technical analysis of the daily chart indicates a weakening bullish bias as the pair is positioned slightly below the lower boundary of the ascending channel. This situation suggests that the 1.3450 support level may be tested, and market participants should closely monitor this level for potential breaks or rebounds. A fall below 1.3450 could trigger further declines, necessitating caution from traders.
AI Analyst
AI Opinion
"The ongoing test of the 1.3450 support level in GBP/USD indicates a shift in market sentiment. With the price moving below the lower boundary of the ascending channel, the previous bullish outlook is being threatened. This situation sets the stage for psychological support levels to be tested. A breakout below 1.3450 could lead to increased selling pressure, while a rebound at this level could reaffirm its significance as strong support, potentially reopening bullish opportunities. Traders should pay close attention to price action around this critical level to identify the next trading opportunities."
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