GBP Pound - Pound shows slight signs of bottoming out

According to the trend of GBP/USD, the consecutive days of decline stopped at 1.2108 on Wednesday, and there was a clear rebound on Thursday, which drove the RSI and stochastic index to rise accordingly. It is expected that the pound will show an initial stabilization trend. Calculated by the golden ratio, the rebound levels of 23.6% and 38.2% are at 1.2350 and 1.2505, extending to 50% and 61.8% at 1.2625 and 1.2750. In addition, the resistance of the downward trend line extending from July is currently at the 1.2450 level. The pound needs to pull back above this area in the future to establish a break away from the weak downward trend. As for the support level, it is expected to be 1.21 and 1.20. The essential reference is the March low of 1.1820.

Forecast range:
Resistance 1.2350 – 1.2450* – 1.2505 – 1.2625
Supports 1.2100 – 1.2000* – 1.1820*

Focus:
Friday: UK second quarter GDP (14:00)

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