Pound Sterling Price News and Forecast: GBP/USD holds lower ground near intraday bottom
|GBP/USD: Mildly offered below 1.2050 as Brexit optimism fades, UK/US data, Fed Chair Powell eyed
GBP/USD prints mild losses around 1.2030-35 during early Monday, consolidating the first weekly gains in three amid the market’s cautious mood ahead of the key catalysts, as well as fading Brexit optimism. Adding filters to the latest market moves could be the downbeat US Treasury yields, extending the previous week’s pullback from a multi-month high, as well as the minor losses of the US stock futures.
That said, the Democratic Unionist Party (DUP) has urged the Government to stop “overselling” its new post-Brexit deal on Northern Ireland and focus on providing clarity on its detail. The same shows the DUP’s dislike for the initial details of the EU-UK deal on the Northern Ireland Protocol (NIP) and raises challenges for the smooth passage of the key Brexit developments in the UK Parliament. To avoid any hardships, the British government is bracing to provide more details on how Northern Irish lawmakers can potentially veto new European Union laws. Read more...
GBP/USD Price Analysis: Cable retreats towards resistance-turned-support near 1.2000
GBP/USD bulls take a breather around 1.2030 during Monday’s initial Asian session, after posting the biggest weekly jump since mid-January.
In doing so, the Cable pair fails to extend the previous day’s upside break of the one-month-old descending resistance line, now support around 1.2020. Read more...
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