Pound Sterling Price News and Forecast: GBP/USD – Intraday positive move falters ahead of 1.30 mark
|GBP/USD: Sterling bulls need to overcome resistance at 1.2980 [Video]
A more corrective outlook has formed on Cable over the past few weeks. During February there has been a shift in sentiment, where Cable is increasingly forming lower highs and lower lows. It is important to note that this is not an explicit negative outlook yet. A step back would suggest that whilst the support band $1.2765/$1.2820 remains intact there is no major cause for concern for the bulls. It is though a more gradual drift lower on a net basis now, causing a three week downtrend to form. Read more...
GBP/USD: Intraday positive move falters ahead of 1.30 mark
The GBP/USD pair quickly retreated around 30 pips from daily tops, albeit has still managed to hold with modest gains above mid-1.2900s.
The pair built on the previous session's rebound from sub-1.2900 levels and caught some fresh bids during the early European session on Tuesday amid the ongoing US dollar pullback from multi-year tops.
Brexit uncertainties capped the upside
The USD bulls remained on the defensive for the third consecutive session on the back of renewed speculations that the Fed could cut interest rates to offset any negative impact from the coronavirus pandemic.
This coupled with an intraday turnaround in the US Treasury bond yields, with yields on the benchmark 10-year bond falling to multi-year lows, further undermined the USD demand and remained support. Read more...
GBP/USD: Breakout level to produce a bullish reversal candle for the bull
GBP/USD produced a bearish inside bar on the daily chart yesterday. As expected, the price has been bullish on the H1 chart. The price made a bullish breakout at a significant level of resistance. The pair is trading around the level as of writing. If the level produces a bullish engulfing candle, the buyers may get an opportunity to go long on the pair. Read more...
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