Pound Sterling Price News and Forecast: GBP/USD is at risk of extending its decline in the near-term
|GBP/USD Price Analysis: Battles 1.3600 inside monthly rising wedge on 4H
GBP/USD fails to keep the uptick beyond 1.3606, currently around 1.3590, during the initial Asian trading on Monday. The cable dropped to the lowest since January 12 on Friday but couldn’t slip beneath the 100-bar SMA. However, rising wedge formation on the four-hour (4H) chart joins bearish MACD conditions to keep sellers hopeful.
GBP/USD Forecast: Further restrictions in the UK may hit the pound
The GBP/USD pair trimmed most of its weekly gains on Friday and settled in the 1.3580 price zone, amid risk-off fueling dollar’s demand. The pound enjoyed some temporal demand after the release of the monthly Gross Domestic Product figure, which came better than expected. According to the official release, the GDP contracted 2.6% in November against the -5.7% forecast. Still, UK data was far from encouraging. Industrial Production in the same month printed at -4.7% YoY, while the Goods Trade Balance posted a deficit of £-16.012 billion.
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