GBP to USD:
GBP/USD hit another record low. The pound fell as low as 1.03565 at the opening yesterday. But after the Bank of England announced that it would use interest rate hikes to soften the country’s exchange rate, the pound surged back to where it was before the dip.
On the D1 chart, the price has fallen to an all-time low and the price is now severely oversold. But in the current situation, the trend is still very clearly in a downtrend. You can go short after waiting for the callback.
The Fibonacci backtest on the H1 chart shows that the price formed resistance after hitting the Fibonacci backtest 0.5 level. And using Fibonacci extensions, we can see that there is still a lot of force that can push the price down continuously. The RSI indicator has also returned to a relatively safe position.
All transactions involve risks, the above analysis is for reference only. When placing an order, be sure to set the lot size and remember to set the stop loss.