Pound Sterling Price News and Forecast: GBP/USD bearish bias remains intact while below 21-SMA
|GBP/USD Analysis: Bears looking to seize control below descending triangle support
The GBP/USD pair struggled to capitalize on its post-BoE positive move and witnessed heavy selling on Friday amid a broad-based US dollar strength. Stronger-than-expected US monthly jobs report fueled speculations that the Fed could start tapering its asset purchases later this year, which, in turn, provided a strong lift to the greenback. In fact, the headline NFP print showed that the US economy added 943K new jobs in July, surpassing even the most optimistic estimates. Adding to this, the previous month's reading was also revised higher to 938K from 850K reported earlier. Read more...
GBP/USD Price Analysis: Bearish bias remains intact while below 21-SMA
GBP/USD is fading an uptick to daily highs of 1.3891, although remains well off the weekly lows at 1.3855 in early European dealings.
The retreat in the US dollar across the board helps the rebound in the cable but the risk-off market mood spoils the party for the bulls.
Despite the renewed upside, the pair remains exposed to downside risks amid expectations of earlier Fed’s tapering, looming Brexit concerns and the UK political jitters. Read more...
GBP/USD set to plunge towards the 1.3571 July low – Commerzbank
Downside risk remains for the cable below the 1.4018 pivot. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the GBP/USD pair to fall towards the 1.3571 July low.
“GBP/USD spent last week consolidating below the 61.8% Fibonacci retracement at 1.3990. We look for the market to remain capped by the 1.4018 pivot and we would allow for failure.” Read more...
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