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GBPUSD trades at the highest level since 2021 as the Dollar continues to get beaten
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FUNDAMENTAL OVERVIEWUSD:The US Dollar remains on the backfoot as the bearish momentum set by the USD/JPY intervention risks kept weighing on the greenback.
Today, we get the latest US Jobless Claims figures which could give the dollar some support if they come out strong.
GBPUSD TECHNICAL ANALYSIS – DAILY TIMEFRAMEGBPUSD - dailyOn the daily chart, we can see that GBPUSD rose into a new cycle high this week as the US Dollar continued to weaken across the board.
GBPUSD TECHNICAL ANALYSIS – 4 HOUR TIMEFRAMEGBPUSD - 4 hourOn the 4 hour chart, we can see that we had a steep minor upward trendline defining the bullish momentum.
GBPUSD TECHNICAL ANALYSIS – 1 HOUR TIMEFRAMEGBPUSD - 1 hourOn the 1 hour chart, we can see that we have a minor counter-trendline that act as support.