Pound Sterling Price News and Forecast: GBP/USD additional losses likely if 1.2300 support fails [Video]
|GBP/USD is neutral as the 6-month high puts up a real struggle [Video]
GBPUSD failed several times over the last one-and-a-half months to surpass above the six-month high of 1.2450 and is struggling to create a new high. The pair remains above the medium-term ascending trend line and the short-term SMAs, awaiting a strong boost for further gains.
However, the MACD is weakening near its trigger line in the positive area, while the RSI is moving sideways above the neutral threshold of 50.
An extension to the upside and above the 1.2450 key level could meet the 1.2670 barrier, registered in May 2022. Further up, resistance could run towards the 200-weekly SMA, which stands near the 1.2900 psychological mark. Read more...
GBP/USD Forecast: Additional losses likely if 1.2300 support fails
GBP/USD has continued to stretch lower toward 1.2300 early Tuesday with the US Dollar preserving its strength amid risk aversion. In case buyers fail to defend 1.2300, Pound Sterling could suffer additional losses in the near term.
On the first trading day of the week, the negative shift witnessed in market mood helped the US Dollar find demand as a safe haven. The S&P 500 Index lost more than 1% after having gained 2.5% last week and the Nasdaq Composite fell 2% on a daily basis. In the European session, US stock index futures are down between 0.3% and 0.4%. An extended slide in Wall Street's main indexes after the opening bell could provide a boost to the US Dollar and force GBP/USD to stretch lower. Read more...
GBP/USD remains depressed near 1.2300 mark, multi-day low amid stronger USD
The GBP/USD pair attracts fresh sellers following an early uptick to the 1.2370 area and turns negative for the third successive day on Tuesday. The downward trajectory drags spot prices to a four-day low during the first half of the European session, with bears now awaiting a break below the 1.2300 mark before placing fresh bets.
The US Dollar builds on the previous day's positive move and climbs to a one-week high, which, in turn, is seen as a key factor exerting downward pressure on the GBP/USD pair. The uncertainty about a strong recovery in the Chinese economy - amid the worst yet COVID-19 outbreak in the country - continues to weigh on investors' sentiment. This is evident from a generally weaker tone around the equity markets and drives some haven flows towards the greenback. Read more...
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