The bias remains bullish as long as it stays above the uptrend line. A new higher high activates further growth ahead. The US data could be decisive tomorrow. The GBP/USD price is trading in the red at the time of writing on the hourly chart. The pair is trading at 1.2175 below the 1.2200 psychological level. –Are you interested in learning more about buying NFT tokens? Check our detailed guide- Still, the retreat could be only temporary as the bias remains bullish. Fundamentally, the UK Halifax HPI reported a 2.3% drop in yesterday’s trading session versus the 0.2% drop expected. On the other hand, the US Revised Nonfarm Productivity rose by 0.8% versus the 0.6% estimates, Consumer Credit was reported at 27.1B below 28.2B forecasted, while Revised Unit Labor Costs came in better than expected. The BOC had an impact on the greenback as well. Today, the UK RICS House Price Balance reported a 25% drop versus the 10% drop estimated. Later, the US Unemployment Claims could bring more action. The economic indicator is expected at 230K in the last week versus the 225K in the previous reporting period. Tomorrow, the US data could be decisive. The PPI may report a 0.2% growth, Core PPI is expected to register a 0.2% growth, while the Prelim UoM Consumer Sentiment could jump from 56.8 points to 56.9 points. Get FREE Forex Signals Now! GBP/USD price technical analysis: Temporary retreat The GBP/USD pair turned to the downside after failing to stabilize above the 1.2200 psychological level. It has failed to stabilize above the descending trendline signaling strong downside pressure. Now, it challenges the weekly pivot point of 1.2170. –Are you interested in learning more about British Trade Platform Review? Check our detailed guide- The 1.2153 and the ascending trendline represent strong downside obstacles. The bias remains bullish as long as it stays above these levels. Taking out these levels may signal a deeper drop in the short term. Testing and retesting the support levels, making false breakdowns followed by a new higher high may trigger an upside continuation. An upside continuation could be confirmed only after making a valid breakout above the 1.2293 and through the upper median line (UML). Olimpiu Tuns Olimpiu Tuns Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms. View All Post By Olimpiu Tuns Majors share Read Next GBP/USD Outlook: USD Retreating Amid Easing Labor Data Saqib Iqbal 2 months The bias remains bullish as long as it stays above the uptrend line. A new higher high activates further growth ahead. The US data could be decisive tomorrow. The GBP/USD price is trading in the red at the time of writing on the hourly chart. The pair is trading at 1.2175 below the 1.2200 psychological level. -Are you interested in learning more about buying NFT tokens? Check our detailed guide- Still, the retreat could be only temporary as the bias remains bullish. Fundamentally, the UK Halifax HPI reported a 2.3% drop in yesterday’s trading session versus the 0.2% drop expected. … Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.