British Pound Technical Outlook: GBP/USD Bulls Fight to Stabilize at Critical Support
GBP/USD is compressing into a tight near-term range just above key support, with a breakout likely to provide the next directional cue.
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British Pound Technical Outlook: GBP/USD Multi-Timeframe Analysis
British pound support at the bottom of its yearly range has held for a fourth straight week as easing Treasury yields give sterling some relief. Michael Boutros, StoneX Media Senior Market Analyst, walks through GBP/USD on the weekly, daily and four-hour charts. Weekly RSI has held above 40 since January of last year, through four weekly tests of support. The monthly opening range on GBP/USD is contracting, with lower highs and higher lows defining both sides of the trade. With U.S. Treasury yields pulling back from multi-decade highs, U.S. CPI and PPI data now have the potential to shift Federal Reserve rate expectations.
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Key GBP/USD Economic Data Releases
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--- Written by Michael Boutros, Senior Technical Strategist
Follow Michael on X @MBForex
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