British Pound Sterling Price News and Forecast: GBP/USD rebounds from one-week lows versus US dollar
|GBP/USD steady holds on to gains around 1.2340
The GBP/USD pair rebounded on Tuesday after falling to 1.2163 during the Asian session. It moved most of the day with a bullish bias and climbed toward 1.2400. It peaked at 1.2382 and then it stabilized around 1.2340. Cable was rejected from under 1.2200 and rose back to the recent familiar range.
GBP/USD: A run of lower highs and lower lows is beginning to form [Video]
Cable tentatively fell into the close yesterday on the news of UK Prime Minister Johnson being admitted to intensive care in hospital with Coronavirus. However, the sterling decline has only proved to be short-lived overnight as recovery has set in. We hope the same for the Prime Minister in due course. However, the technical outlook for Cable retains a mild negative bias with the legacy of Friday’s decisive negative candle still the over-riding near term signal that is a drag on the outlook.
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