Pound Sterling Price News and Forecast: GBP/USD extends the previous day’s reversal from three-week high
|GBP/USD: Cable sellers cheer 50-DMA break as US NFP recall Fed hawks, PMIs in focus
GBP/USD remains pressured toward 1.2400 while extending the previous day’s U-turn from a three-week high heading into Monday’s London open, mildly offered near intraday low of 1.2426 by the press time. In doing so, the Cable pair justifies the market’s dicey momentum amid a lack of major data/events, as well as Fed policymakers’ blackout period ahead of next week’s Federal Open Market Committee (FOMC).
That said, the Cable pair marked the first weekly gain in four despite retreating from a short-term key horizontal resistance area on Friday. In doing so, the Pound Sterling justifies hawkish concerns about the Bank of England (BoE) despite recently justifying an increase in the odds of the Federal Reserve (Fed) rate hike concerns, backed by the upbeat US employment data. It’s worth noting that the political jitters in the UK also prod the GBP/USD buyers, especially when the US diplomats have successfully avoided the debt payment default woes. Read more...
GBP/USD Price Analysis: Cable bears cheer 50-DMA break to approach 1.2400
GBP/USD remains on the back foot around 1.2430 as it stretches the post-NFP reversal from a three-week high during the early hours of Monday’s Asian session. In doing so, the Cable pair drops below the 50-DMA support while extending the previous day’s U-turn from a horizontal resistance area comprising multiple levels marked since mid-April.
Not only the U-turn from the key resistance zone and a downside break of the 50-DMA but the steady RSI (14) line also suggest further downside of the Pound Sterling. With this, the quote is all set to prod the 1.2400 round figure. Read more...
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.