Pound Sterling Price News and Forecast: GBP/USD is at risk of falling in the near-term
|GBP/USD Price Analysis: Bulls set on 1.3220
GBP/USD bulls are set on a break to the 1.32 area on a bullish extension following a significant retracement and mean reversion of the prior bullish impulse. The following illustrates the price action and subsequently price analysis, forecasting the upside continuation. Bears might be prudent to wait for a bullish environment and a break and retest of the structure illustrated in the above chart.
GBP/USD Forecast: Progress in Brexit talks may not be enough
The GBP/USD pair fell for a second consecutive day but managed to close the week with gains around 1.3040. UK macroeconomic figures released on Friday were generally encouraging, as the country reported September Retail Sales which came in at 1.5% MoM and 4.7% YoY, beating expectations. Also, the preliminary estimate of October Manufacturing PMI resulted at 53.3, better than expected, while the Services PMI missed expectations but remained within expansion levels, resulting in 52.3.
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