GBP/USD Forecast: bearish potential below 1.4785


The GBP/USD trades lower in rage, having set a daily low at 1.4796 so far today. There are no fundamental news coming from the UK today, with market's attention focused in the US GDP figures and the Michigan consumer sentiment index, to be released later on the day.

Technically, the pair maintains a bearish bias, as the 4 hours chart shows that the price stands well below a bearish 20 SMA, currently around 1.4870, whilst the Momentum indicator retraces from the 100 level and heads south and the RSI indicator hovers directionless around 42. The pair however, will likely consolidate ahead of  the news, with a price acceleration below the 1.4785 level favoring additional declines towards the 1.4730 price zone in the short term. The upside seems more limited, with some follow through above the mentioned 1.4870 level required to confirm another leg higher towards the 1.4920/40 price zone. 

View Live Chart for GBP/USD


g



Share: Feed news

Recommended Content


Recommended Content

Editors’ Picks

EUR/USD retreats toward 1.0850 on renewed USD strength

EUR/USD retreats toward 1.0850 on renewed USD strength

EUR/USD stays under modest bearish pressure and declined toward 1.0850 in the early European session on Tuesday, pressured by the renewed USD strength. ZEW sentiment survey will be featured in the European economic docket ahead of housing data from the US.

EUR/USD News

USD/JPY extends rally beyond 150.00 as markets assess BoJ decisions

USD/JPY extends rally beyond 150.00 as markets assess BoJ decisions

USD/JPY preserves its bullish momentum after breaking above 150.00 with the 'sell the fact' reaction to the Bank of Japan's decision to end negative interest rates. In the post-meeting press conference, Governor Ueda said they will consider options for easing broadly, including ones used in the past if needed.

USD/JPY News

Gold price hangs near one-week low, looks to Fed decision on Wednesday for fresh impetus

Gold price hangs near one-week low, looks to Fed decision on Wednesday for fresh impetus

Gold price struggles to capitalize on the previous day's bounce from the $2,145 region and oscillates in a range during the Asian session on Tuesday. Hawkish Fed expectations, elevated US bond yields and a bullish USD cap the upside. 

Gold News

Why is the crypto market crashing?

Why is the crypto market crashing?

The two most important contribution to the ongoing bull market is the meteoric rise in Bitcoin due to the ETF approval and the sudden interest spike in Solana ecosystem. But the recent move suggests that the upward momentum is dissipating and a correction looms. 

Read more

Lots of tension ahead of this week's Fed decision

Lots of tension ahead of this week's Fed decision

Last week, we got a strong round of US economic data accompanied by hotter US inflation reads. The takeaway of course is that there might be a lot more pressure on the Fed to be looking to scale back its rate cut outlook at this week’s meeting.

Read more

Majors

Cryptocurrencies

Signatures