Pound Sterling Price News and Forecast: GBP/USD could be headed for a test of a 1.2050s supporting area
|GBP/USD Price Analysis: Bullish fakeout leaves 1.2010/50 vulnerable ahead of 38.2% Fib upside potential
GBP/USD was a fake breakout scenario on Wednesday in what was a mixed market and during a phase of consolidation following Fridya's blow-off pertaining to the US Nonfarm Payrolls data. Bulls remain under pressure on attempts to move higher due to a resilient US Dollar and it has been a fade on rallies for the best part of the week so far. Read more...
GBP/USD sees more downside below 1.2050 amid risk-off mood, UK GDP in focus
The GBP/USD pair has gradually dropped to near 1.2065 and is expected to continue its downside journey after surrendering the immediate support of 1.2050. The Cable is struggling to maintain its feet as the risk appetite of the market participants has trimmed significantly. The odds of the continuation of the policy tightening streak by the Federal Reserve (Fed) is fading the appeal for risk-perceived assets.
S&P500 sensed a steep selling interest on Wednesday as Fed policymakers have cleared that the battle against stubborn inflation will continue for a longer period. Accordingly, the Fed would consider keeping higher interest rates for a more extended period to achieve price stability. Read more...
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