Pound Sterling Price News and Forecast: GBP/USD falters ahead of 3-week-old descending channel resistance
|GBP/USD Forecast: Downtrend resistance set to crush another recovery amid plethora of pound problems
A cat is said to have nine souls and also the volatile found its mojo amid end-of-quarter flows – but it may be yet another "dead-cat bounce." Money managers' adjustment of portfolios sent sterling surging on Tuesday, with a 100+ pip bounce – yet it failed to break above the downtrend resistance line.
GBP/USD also benefited from dollar weakness, stemming from diminishing demand for the safe-haven currency. Stocks advanced and the greenback gave ground as the Conference Board's Consumer Confidence measure surprised with a stronger than expected bounce to over 98 points. Read More...
GBP/USD Analysis: Falters ahead of 3-week-old descending channel resistance
The GBP/USD pair witnessed a dramatic intraday turnaround on Tuesday and rallied around 150 pips from the vicinity of monthly lows set in the previous session. The British pound remained depressed through the first half of the day amid doubts over Britain’s ability to pay for its planned massive boost to public spending. This comes amid persistent Brexit uncertainties, which coupled with weaker-than-expected UK GDP print further took its toll on the sterling. The final GDP report released by the Office of National Statistics showed that the economy contracted by 2.2% during the first quarter of 2020, more than 2.0% originally estimated and marked the largest quarterly contraction since 1979. Read More...
GBP/USD recovers lost ground; struggles to find acceptance above 1.2400 mark
The GBP/USD pair rallied over 50 pips from the Asian session lows and jumped to fresh weekly tops, around the 1.2410-15 region in the last hour.
Despite concerns about the ever-increasing coronavirus cases across the world, the US dollar struggled to attract any haven flows and remained depressed through the first half of Wednesday's trading action. This, in turn, assisted the GBP/USD pair to attract some dip-buying reversed an early dip to the 1.2360-55 region. Read More...
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