Pound Sterling Price News and Forecast: GBP/USD could go upwards [Video]
|GBP/USD: Cable needs a close above 1.3000 to turn bullish now [Video]
Cable has been trending lower for nearly four weeks now. This trend has formed lower highs and lower lows, and turned a bullish medium term outlook into a neutral one. As there has been an early tick higher this morning, we see that this downtrend is being tested and is close to being broken. This is coming as the selling pressure has just paused in recent sessions and Cable has formed a number of consecutive neutral to slightly positive candles. However, consolidation breaking a downtrend is not bullish, it is just questioning the pace of the corrective move. There is a pivot around 1.2860 which needs to be broken for an improving outlook to take hold. Momentum indicators are still in their corrective configuration and suggest that near term rallies are still going to struggle. Read More...
GBP/USD analysis: Could go upwards
At the end of last week, the GBP/USD exchange rate reversed north from the lower line of the medium-term descending channel.
From a theoretical point of view, it is likely some upside potential could prevail in the market, as the currency pair should target the upper channel line located circa 1.2950.
In the meantime, it is unlikely that bears could prevail in the market, and the exchange rate could decline below the 55– and 100-hour moving averages located near 1.2750. Read More...
GBP/USD Analysis: Short-covering kicks in ahead of Brexit talks on Tuesday
The GBP/USD pair caught some fresh bids on the first day of a new trading week and spiked to four-day tops, around mid-1.2800s during the early European session. The British pound got a lift after both, the UK and the EU made key concessions to avoid no-deal Brexit. The latest round of discussions are set to begin on Tuesday and reports indicate that negotiators will begin the process to finalise a deal by the end of this week. This would mean that a final agreement would be in place just after the next EU summit in Brussels in mid-October.
On the other hand, the US dollar witnessed some profit-taking amid a goodish recovery in the global risk sentiment. Adding to this, concerns that the lack of any additional fiscal stimulus could halt the current US economic recovery and the political uncertainty in the run-up to the US Presidential election in November further undermined the greenback and provided an additional lift to the major. Hence, the key focus will be on the first US presidential debate on Tuesday. Read More...
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