Pound Sterling Price News and Forecast: GBP/USD about to challenge this year low
|GBP/USD Price Analysis: Pound hovering near multi-month lows, sub-1.2900 figure
After the October and December bull-market, GBP/USD is trading in a rectangle consolidation above the 200-day simple moving averages (SMAs).
GBP/USD four-hour chart
Pound/Dollar is consolidating losses after reaching levels not seen since November 2019. The currency pair remains relatively weak, especially on a break below the 1.2861 support. Downside targets can be seen near the 1.2835 and 1.2731 levels. Read more...
GBP/USD Forecast: About to challenge this year low
The GBP/USD pair fell to 1.2859 this Thursday, with the Pound hurt by the government stance on trade negotiations with the EU. The UK government published a document outlining its priorities for trade talks. Among other things, the document showed that the kingdom is ready to walk away from the negotiation table in June if there’s no progress on talks by that point. Also, the agreement should not require the UK to follow EU standards. "In line with the precedent of the EU-Canada agreement, the deal should recognise the right of each party to set its labour priorities and adopt or modify labour laws," the document reads.
Brexit woes will likely keep hurting Sterling in the upcoming days, overshadowing macroeconomic releases. Anyway, the UK will release the February GFK Consumer Confidence Survey this Friday, foreseen at -8 from -9 in the previous month. Read more...
GBP/USD Analysis: Plummets on Thursday
On Thursday, the GBP/USD plummeted, as the UK announced its stance in trade negotiations with the EU. By the middle of the day's London trading hours, the pair was heading to the support of the weekly S1 simple pivot point at 1.2858.
In the case of the rate passing the pivot points support, tit would next head to a monthly pivot near the 1.2830 level. Read more...
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