The Price Volatility of GBP/USD Ahead of US Inflation Data
GBP/USD continues to move sideways, awaiting US inflation data for fresh guidance. Despite fluctuations, GBP/USD maintains stability, hovering around the 1.2660 level, within Monday's trading range.
Technical indicators, such as the Simple Moving Average (SMA) and Relative Strength Index (RSI), currently signal support for the upward trend of this currency pair. The price is trading above the SMA, and the RSI is nearing the 70 threshold, indicating overbought conditions and clear signs of an ongoing strong uptrend.
However, it's important to note that pressure from the US Dollar (USD) still persists, influencing the volatility of GBP/USD. Therefore, despite positive signals, forecasting price movements still requires caution and careful observation.
Technical indicators, such as the Simple Moving Average (SMA) and Relative Strength Index (RSI), currently signal support for the upward trend of this currency pair. The price is trading above the SMA, and the RSI is nearing the 70 threshold, indicating overbought conditions and clear signs of an ongoing strong uptrend.
However, it's important to note that pressure from the US Dollar (USD) still persists, influencing the volatility of GBP/USD. Therefore, despite positive signals, forecasting price movements still requires caution and careful observation.
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