$GBPUSD Forecast: Potential for a rebound above 1.2600 on weak US GDP by eren_fxstreet forex trading
Near-term technical outlook suggests that the recovery could extend.After having dropped below 1.2500 for the first time since July 2020 in the early European morning,has managed to erase its daily losses to turn positive on the day above 1.2550. The pair remains oversold in the near term and an extended correction could be witnessed in case the greenback loses its strength on an uninspiring growth report.
The market forecast stands at an annualized growth of 1.1% in the first quarter. Unless the GDP reading surprises to the upside, GBP/USD could continue to edge higher on profit-taking. Furthermore, the 1.7% increase in the S&P Futures points to a strong Wall Street opening, which could make it even more difficult for the dollar to preserve its strength.
On the downside, a daily close below 1.2500 could be taken as a bearish development and open the door for additional losses toward 1.2460 and 1.2400 .
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