Pound Sterling Price News and Forecast: GBP/USD follows rising wedge pattern
|GBP/USD Forecast: Bulls still able to defy market gravity, Boris' lengthy exit strategy
No school until March 8 – that is what children have learned from Prime Minister Boris Johnson, who laid out a lengthy exit strategy from the lockdown. A detailed plan will be out only on the week of February 22. Investors were expecting an earlier exit from the measures and are sending the pound lower.
However, Johnson may have learned from past promises and is now erring on the side of caution. In December, he rejected calls for a lockdown and refused to "cancel Christmas" only to back down several days later. Moreover, the UK has been vaccinating its population at a rapid pace – a stark contrast with the continent. The EU is suffering a delay of doses from Pfizer and also from AstraZeneca. The latter clash also involved high emotions, as AZN is a British firm. Read more...
GBP/USD analysis: Follows rising wedge pattern
Yesterday, the GBP/USD exchange rate bounced off the upper line of the rising wedge pattern.
From a theoretical point of view, it is likely that the currency pair could reverse north from the lower pattern line and trade upwards within the following trading session. Meanwhile, note that the pair is pressured by the 55– and 100-hour SMAs near 1.3690. If the given resistance holds, a breakout south could occur, and the rate could decline to 1.3600. Read more...
GBP/USD struggles near daily lows, below mid-1.3600s
The GBP/USD pair maintained its offered tone through the first half of the European session and was last seen hovering near daily lows, around the 1.3640-35 region.
The pair extended the previous day's sharp retracement slide from the 1.3755-60 region, or fresh 32-month tops and witnessed some follow-through selling for the second consecutive session on Thursday. The prevalent risk-off environment continued driving some haven flows towards the US dollar and was seen as one of the key factors exerting pressure on the GBP/USD pair. Read more...
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