GBP/USD Price Analysis: Steady around yearly low inside weekly descending channel

GBP/USD defends the 1.3300 threshold, taking rounds to the recently flashed yearly low during the early Asian session on Friday. In doing so, the cable stays inside a one-week-old falling trend channel. Although the bearish channel keeps sellers hopeful, MACD and RSI conditions signal a corrective pullback targeting the channel’s upper line near 1.3340.

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Daily technical and trading outlook – GBP/USD

On the bigger picture, despite cable’s brief break of 2016 post-Brexit low of 1.1491 to a near 35-year trough of 1.1412 in mid-Mar 2020 on safe-haven usd’s demand following free fall in global stocks, price rallied to 1.3686 on the last trading day of 2020 following a last-minute EU-UK trade deal, then to a near 34-month, 1.4241 peak in late Feb suggests a major low is made.

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This article was originally published by the original article here.


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