GBP/USD briefly broke above 1.2700 before slumping back to opening bids. US data sparks rate cut hopes, then recession fears. Investor confidence jolted by US election risks, volatility ensues. Forex Today: All the attention shifts to Powell US data broadly missed the mark. US ISM Manufacturing Purchasing Manager Index figures declined in June, falling to 48.5 from 48.7 and entirely missing the forecast increase to 49.1.
GBP/USD technical outlook Despite a near-term bull run to kick off the new trading week, Cable bidders were unable to keep the pressure up, and GBP/USD tumbled back below the 200-hour Exponential Moving Average at 1.2665. Price action still favors shorts, and downside targets will be set below last week’s late low near 1.2615. Daily candlesticks remain mired in a volatility trap between the 50-day and 200-day EMAs at 1.2668 and 1.2592, respectively.
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