Pound Sterling Price News and Forecast: GBP/USD bulls face the task of getting back over the line
|GBP/USD Price Analysis: Bears eye a run to 1.2170, but watch out for the trap
GBP/USD is on the defensive following a recent break of daily structure that led to a colossal sell-off in the London and New York equities opening hours. GBP/USD fell from a high of 1.2401 to a low of 1.2222 by the close of New York. Cable is prnnting fresh lows in Tokyo of 1.2205 as traders look ahead to the Nonfarm Payrolls today in the US session while the price is destined for lower. Read more...
GBP/USD sees a further downside to near 1.2200 as anxiety soars ahead of US NFP
The GBP/USD pair has shown a vertical sell-off to near 1.2225 and is expected to continue its downside journey to near the round-level support of 1.2200 ahead. The Cable witnessed a massive sell-off after investors shrugged off expectations that the Federal Reserve (Fed) will pause policy tightening ahead and poured funds into the US Dollar Index (DXY). Apart from that, investors dumped the Pound Sterling despite the Bank of England (BoE) continuing its hawkish stance on interest rates.
On Thursday, the USD Index recovered firmly after building a cushion around 100.50. The extremely oversold condition of the USD Index triggered buying interest among the market participants. The USD Index soared above 101.50 and has now turned sideways below 101.40 ahead of the United States Nonfarm Payrolls (NFP) data for further guidance. Read more...
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