GBPUSD is bouncing today, but is it temporary relief or something more significant?
Today’s video outlines the big picture for the GBPUSD chart, and the short-term levels to watch.
I also share the latest on the US Dollar Index (DXY) as it battles a key technical level.
Let’s get started!
[embedyt] https://www.youtube.com/watch?v=lXLR64VisV8[/embedyt]GBPUSD is up slightly today following US retail sales and unemployment claims.
However, the pound remains vulnerable while below 1.2612, especially the 1.2700 channel resistance from July 2023.
We saw GBPUSD close below 1.2612 on the 13th following hot CPI numbers and even a retest as new resistance on the 14th.
More notably, the pound carved its first lower low last week since September 2023.
That could be a significant turning point for GBPUSD.
I remain bearish on the pound while below 1.2700, with immediate resistance coming in at 1.2612.
Key support is 1.2500, with a sustained break below that exposing 1.2375.
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