GBPUSD Daily Outlook – On Tuesday Wall Street jumped for joy to correct Monday’s losses on stimulus hopes. In the eurozone, we found out that the GDP and employment went up but the economy slowed in the fourth quarter.

The main economic events on Wednesday are the US CPI and the UK GDP.

Today I’m looking at the GBP/USD pair, which despite the volatility, is moving beautifully along the downward channel we identified a few weeks ago.

The pair wasn’t able to break above the Ichimoku cloud on Tuesday, reached the pivot level at 1.2897, and could be on its way to reach the 1.2741 level again.

This range could provide more range-trading opportunities for medium-term range traders.

Do you think the GBP/USD pair is on an overall downtrend?

Head over to the comments section and let me know!

Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.

High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% and 70% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Share this post: