Pound Sterling Price News and Forecast: GBP/USD extends weakness, pandemic low comes in focus [Video]
|GBP/USD drives down a slippery road, EUR/JPY seems to be looking for downside correction [Video]
GBPUSD could not close successfully above the 1.1988 – 1.2000 bar last week, which had proven to be a reliable support base between 2016 and 2019, with the price erasing its latest bullish attempt to chart a new two-year low at 1.1844 early on Tuesday.
The market is lacking conviction for a meaningful bounce back as the RSI keeps hovering comfortably below its 50 neutral mark, while the MACD is displaying stronger bearish dynamics, extending its negative trajectory below its red signal line. Read more ...
GBP/USD outlook: Pound extends weakness, pandemic low comes in focus
Cable hit new lowest since March 2020, in extension of Monday’s 1% drop, with close well below 1.20 handle and former lows at 1.1958/30 (Sep 2019 / Oct 2016 lows respectively) and fresh extension lower on Tuesday, signaling that bears regained control.
Pound is pressured by rising dollar and risk aversion, which add to negative internal factors – political turmoil and slowing economic growth in Britain that raises threats of recession. Daily techs show rising negative momentum and moving averages in full bearish setup that supports the action for final push towards Mar 2020 low (1.1409). Read more ...
GBP/USD Price Analysis: Dives to 1.1800 neighbourhood, lowest since March 2020
The GBP/USD pair added to the overnight heavy losses and witnessed some selling for the second straight day on Tuesday. The bearish pressure remained unabated through the early European session and dragged spot prices to the 1.1800 neighbourhood, or the lowest level since March 2020.
The US dollar prolonged its recent strong bullish run and shot to a fresh two-decade high, bolstered by hawkish Fed expectations and the prevalent risk-off environment. This, in turn, was seen as a key factor that continued exerting downward pressure on the GBP/USD pair. Read more ...
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