Pound Sterling Price News and Forecast: GBP/USD bears moving in for test of weekly support
|GBP/USD Forecast: Sellers eye 1.3160 as pound falls below 1.3200
GBP/USD has dropped sharply on Friday and extended its slide early Monday as the pound remains on the back foot amid renewed concerns over the coronavirus Omicron variant weighing on the economic activity. The pair is currently trading below 1.3200 and shows no signs of a recovery.
On the week ending December 19, more than 140,000 cases of coronavirus got reported in London. British Deputy Prime Minister Dominic Raab noted that there were currently 104 patients in hospitals with the new Omicron variant and 12 fatalities. Read more...
GBP/USD Price Analysis: Bears moving in for test of weekly support
GBP/USD is still reeling from Friday's sharp drop and tests the bull's commitments are a critical area of support on the weekly chart.
The following is a top-down analysis that arrives at a bearish bias on a break below 1.32 the figure which opens the significant risk of plenty of downside to come in the final stages o the year and start of the new year. As illustrated, below 1.3200 and 1.3100, there is an imbalance in price towards 1.2850 where the market could fall into should the support structure give out. Read more...
GBP/USD loses 1.3200 as Omicron fears escalate
GBP/USD is trading close to 1.3200, meandering near daily lows, as the sentiment around the pound remains weighed down by the growing uncertainties surrounding the Omicron covid variant-induced restrictions in the UK.
The latest selling wave was triggered by the comments from the UK Deputy Prime Minister Dominic Raab, citing that he cannot guarantee further restrictions, as the Kingdom nears the festive period. Meanwhile, Germany and France have already imposed border control for travelers from the UK. Britain reported 82,886 new coronavirus cases, bringing the total number of coronavirus cases in the country to 11,361,387. Out of these 82,886 cases, 12,133 were Omicron infections. Read more...
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