GBP/USD at Risk of Freefall if 1.2000 Psychological Level is Broken

GBP/USD faced a trendline rejection and renewed selling pressure making a return to recent lows. Are we in for fresh lows or a period of consolidation ahead of Central Bank Meetings?

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.21% 🇪🇺EUR: -0....started the day on the back foot. The US session however, has seen a rise in US Yields which has underpinned the US Dollar and reignited the bullish rally in the Dollar Index.

Looking at the technical at play in the DXY and yesterday's bullish engulfing candle close and todays bullish US session there are signs of a return to the key 106.80-107.20 resistance area. I do think the DXY will struggle at resistance here and is in need of a catalyst if we are to break higher. US Q3lies ahead tomorrow and even a print above expectation may not be enough for sustained break above resistance. Expectations are for the US economy to show growth of 4.

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