Pound Sterling Price News and Forecast: GBP/USD extend gains despite UK jitters
|GBP/USD Price Analysis: Weekly falling trend line holds the key to 1.3200 ahead of the BOE
GBP/USD takes the bids near 1.3135, up 0.21% on a day, during Thursday’s Asian session. The Cable recently bounced off 1.3108 to print a two-day winning streak. In doing so, the quote aims to confront an immediate resistance trend line.
With the MACD teasing bulls, the pair is more likely to overcome a downward sloping trend line from July 31, at 1.3160 now, which in turn could quickly propel the pair towards March high near 1.3200. However, July month’s high of 1.3170 may act as a validation point for the further rise.
GBP/USD Forecast: With room to extend gains despite UK jitters
The GBP/USD pair continued enjoying dollar’s weakness, extending its weekly advance to 1.3162, now trading around the 1.3130 level. As it been has happening lately, the pair’s advance was backed by a weaker dollar, with the market ignoring negative UK headlines. According to Markit, services activity in the UK expanded less-than-expected in July, with the PMI revised lower to 56.5 in July versus 56.6 previously estimated. In the coronavirus front, news are once again worrisome in the UK. The Scottish first minister, Nicola Sturgeon announced a new lockdown in the Aberdeen city council area, after 54 new coronavirus cases were confirmed, while roughly 200 close contacts have been traced.
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