The U.S. dollar edged higher in early European trade Wednesday, helped by higher Treasury yields as the focus turned once more towards soaring global inflation.
The GBPUSD market signals a short term bear setup with the prevailing bear trend of previous months calling for an attack under the 1.2482 swing low. A close under 1.2482 projects a larger bear wave to 1.2150. The reluctance to stay under 1.2482 hints for rebounding action, but trade needs a close over 1.2772 to renew a bottoming formation.
Resistance 2 1.2664
Resistance 1 1.2622
Support 1 1.2577
Support 2 1.2535
The GBPUSD market signals a short term bear setup with the prevailing bear trend of previous months calling for an attack under the 1.2482 swing low. A close under 1.2482 projects a larger bear wave to 1.2150. The reluctance to stay under 1.2482 hints for rebounding action, but trade needs a close over 1.2772 to renew a bottoming formation.
Resistance 2 1.2664
Resistance 1 1.2622
Support 1 1.2577
Support 2 1.2535
