Pound Sterling Price News and Forecast: GBP/USD bounces off six-week low to snap three-day downtrend
|GBP/USD consolidates losses above 1.3900 on Brexit relief, UK Retail Sales eyed
GBP/USD snaps three-day downtrend to early May lows while staying firmer around 1.3935 amid the initial Asian session trading on Friday. In doing so, the cable pair cheers mildly bid S&P 500 Futures as well as positive news concerning Brexit and the UK’s covid-led unlock.
GBP/USD: Gains are likely to be limited
GBPUSD initial break below 100 month moving average support at 1.4080/60 was very frustrating with an unexpected bounce back to 1.4132 before the pair collapsed on the Fed minutes. EURGBP remains in a triangle pattern from support at the May/June low at 8563/8558 to strong resistance at 8635/45. Both of which are holding perfectly so far this week. GBPNZD broke higher to 1.9864 but unexpectedly collapsed to 1.9700.
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