GBP/USD Price Analysis: Bears are moving in on the risk rally GBPUSD Technical Analysis
The daily chart offers a bearish scenario for the days ahead. Bank of England
Governor Andrew Bailey reiterating that he expected price pressures to ease, as soon as April. Also, data showed Britain's jobless rate rose to 3.9%, while the rate of increase in total pay held steady. At the time of writing, GBP/USD is trading near 1.2490 and is correcting lower from a 4-hour resistance area. The M-formation is a topping pattern that has formed as the potential for the final stage of the prior bullish rally.
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