Pound Sterling Price News and Forecast: GBP/USD has entered the highest auction area
|GBP/USD Price Analysis: Bulls cross 200-EMA above 1.1400, more gains ahead
The GBP/USD pair is struggling to smash the psychological resistance of 1.1500 after a juggernaut rally. The asset is gathering momentum at elevated levels and is expected to continue its six-day winning streak after overstepping Tuesday’s high at 1.1490. The major witnessed a responsive buying action after forming a buying tail on September 26.
Cable bounces after touching multiyear wedge support line
Cable broke down sharply on Sunday after British finance minister Kwasi Kwarteng's announced tax cuts on energies. Plan is more money for households to expand the supply side of the economy, but investors were pessimistic about that, at least for the short-term period until BoE stepped in and announced a temporary QE to stabilize markets. It was a sharp drop on cable, a real capitulation before market turned back up.
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