Pound Sterling Price News and Forecast: GBP/USD correct lower after rising on the back of BoE Bailey comments
|GBP/USD Price Analysis: Bulls taking charge above critical long-term support structure
GBP/USD setting up for a bullish continuation above monthly support. The 4-hour resistance needs to be overcome first. Bulls are now up through the monthly resistance. However, there is room for a significant retest of the new support structure, so the upside could well be anchored on the lower time frames.
GBP/USD Forecast: Eyes remain on 1.3700 as it retreats toward 1.3585
The GBP/USD pulled back after reaching one-week highs and testing the January peak. The rally that followed Bank of England governor Andrew Bailey comments that sounded cautions regarding negative interest rates, ended after the pound hit 1.3700. Also, optimism about the vaccine rollout added strength to the pound. Finally, during the American session, it pulled back versus the dollar and against the euro after EUR/GBP approached the 0.8860 level, a critical support.
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