US GDP Surge Spurs USD Recovery, GBP/USD Retreats Below Key
The GBP/USD slid below 1.2500, wiping out much of its daily gains, as the US Dollar staged a robust recovery following the release of the US Gross Domestic Product (GDP) report for Q1, which indicated a sharp increase in inflation. The preliminary GDP index surged by 3.1%, compared to the previous 1.7%. This has fueled expectations that the Federal Reserve will maintain interest rates at restrained levels for a longer period.
When looking at the 4-hour chart, we observe a retracement towards the downtrend. Anticipated that the price will continue to gravitate towards the 0.5-0.618 Fibonacci retracement zone. In the context where technical indicators persist in supporting the downward momentum, the price is likely to continue its descent towards the support area at 1.2300.
When looking at the 4-hour chart, we observe a retracement towards the downtrend. Anticipated that the price will continue to gravitate towards the 0.5-0.618 Fibonacci retracement zone. In the context where technical indicators persist in supporting the downward momentum, the price is likely to continue its descent towards the support area at 1.2300.
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