Pound Sterling Price News and Forecast: GBP/USD bulls are coming up for air but face strong bearish pressure
|GBP/USD Price Analysis: Bulls are coming up for air but face strong bearish pressure
GBP/USD has been pushed into cycle lows on Thursday ahead of major data from the US on Friday. While there are no signs of an imminent correction on the longer time frames, the 4-hour chart is starting to pull back which gives rise to a potential opportunity to the upside. The following illustrates the price action and structures on the weekly, daily and 4-hour charts. Read more...
GBP/USD prints fresh 2-year lows below 1.1500 as US dollar soars
A stronger US Dollar pushed GBP/USD to levels under 1.1500 for the first time since March 2020. The greenback is rising sharply following upbeat US economic data, amid risk aversion and higher yields. The pair bottomed at 1.1497 and then rebounded toward 1.1550, trimming losses. The US Dollar Index is at the highest level since 2002, up 1% for the day. The dollar was trading in positive ground and rose further following the US ISM Manufacturing August report that showed better-than-expected numbers, including a recovery in the employment index and a slowdown in prices. Earlier, the weekly jobless claims report also came in above expectations. Attention now turns to the Non-farm payrolls report to be released on Friday. Read more...
GBP/USD Forecast: Pound eyes fresh multi-year lows amid risk-aversion
GBP/USD has failed to shake off the bearish pressure after having modestly rebounded from the multiyear low it touched at 1.1569 earlier in the day. The risk-averse market environment is not allowing the British pound to find demand and the near-term technical outlook shows that there is more room on the downside for the pair. Read more...
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