Pound Sterling Price News and Forecast: GBP/USD drops for the fifth day in a row
|GBP/USD Price Analysis: Bears attack 1.3800 on the break of 11-week-old support line
GBP/USD refreshes intraday low with 1.3802, currently around 1.3810, during its fifth day of declines on Tuesday.
The cable recently broke an ascending support line, now resistance, from late December while bearish MACD signals exert additional downside pressure on the quote. As a result, the GBP/USD sellers seem currently targeting the 50-day SMA level of 1.3766 ahead of the key support line from November 2020, at 1.3730 now.
GBP/USD Forecast: Battle around 1.3800 continues
The GBP/USD pair fell to 1.3799 as investors kepT buying the greenback in a risk-on environment. Bank of England Governor Andrew Bailey participated in a webinar about the economic outlook, but his words had no impact on the pound’s price. Bailey said that "the outlook is positive but with large doses of cautionary realism,” adding that uncertainty is expected to continue, but the Bank of England will provide support. About inflation, Bailey said that he expects it to rise “in the short-term.”
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