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The British pound fell against the US dollar after several consecutive sessions of gains, reaching a high of 1.3430, while current movements have seen the pair stabilize around 1.3340.
From a technical perspective today, and by closely examining the 4-hour chart, the 50-day simple moving average suggests support for a potential return to the upward trend, with intraday trading remaining stable above 1.3300.
Therefore, there is a possibility of the upward trend resuming in the coming hours, with the target list still pointing to 1.3410. A break above this level could extend the gains, paving the way towards 1.3480 in the short term.
However, it’s important to note that if trading stabilizes again below 1.3300, and more importantly below 1.3290, the pair could resume a downward correction with initial targets at 1.3245.
Warning: Today, we expect high-impact economic data from the US, including the final reading of GDP prices, unemployment benefits, and a speech by Jerome Powell, Chairman of the Federal Reserve. This could lead to significant price volatility at the time of the news release.
Warning: The level of risk is high amid ongoing geopolitical tensions, and all scenarios are possible.
Disclaimer: Trading in CFDs carries inherent risks. The analysis provided herein is not a recommendation to buy or sell, but rather an interpretation of the current price movement on the chart.
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