Pound Sterling Price News and Forecast: GBP/USD benefits from the dollar suffering reach its end
|GBP/USD climbs to weekly tops, closer to mid-1.3100s ahead of US macro releases
The heavily offered tone surrounding the greenback pushed the GBP/USD pair to fresh weekly tops, around the 1.3135-40 region during the mid-European session.
Following an early dip to mid-1.3000s, the pair caught some strong bids and built on the previous day's goodish bounce of around 90 pips from the 1.2980 region. The momentum was exclusively sponsored by sustained US dollar selling bias, which remained unabated through the major part of the European trading session on Wednesday. Read more...
GBP/USD: Benefits from the dollar suffering reach its end
GBP/USD rise due to dollar weakness may have reached its limits. Yohay Elam, an analyst at FXStreet, sees this point as a potential selling opportunity. What's more, the UK's issues with coronavirus and international relations may weigh on sterling.
Key quotes: "Hopes for a COVID-19 vaccine are on the rise, with Novavax being the latest pharma firm to present promising results. Another positive development is that talks between Republicans and Democrats are making progress – potentially unleashing more stimulus than previously expected." Read more...
GBP/USD approaches initial resistance at the 1.3130 daily high
Wednesday's four-hour chart is painting a mixed picture as the GBP/USD pair retains a negative momentum but trades above all SMA. The cable, which trades around 1.3120, near the 1.3130 daily high, finds initial support at the 1.3050 daily low, FXStreet's analyst Yohay Elam briefs.
Key quotes: "Cable's latest upswing is not driven by momentum – which remains negative on the 4-hour chart. On the other hand, GBP/USD is trading above the 50, 100, and 200 Simple Moving Averages, a tailwind for the currency pair." Read more...
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