Pound Sterling Price News and Forecast: GBP/USD plummets to 1.2920 level, reverses Tuesday’s positive move [Video]
|GBP/USD: Outlook on Cable remains as choppy as ever [Video]
The outlook on Cable remains as choppy as ever. A recent three week trend lower has now been broken as the market has rebounded from the $1.2840 low last week. However, this latest rebound that has once again scuppered any sense of traction, is struggling to build on its own recovery momentum. The rebound is now encountering a confluence of barriers with a batch of faltering moving averages, psychological resistance at $1.3000 and the 38.2% Fibonacci retracement (of $1.2195/$1.3515) at $1.3010. It is also notable that given the jagged configuration of the rally (again the market is stuttering lower today), there is little real traction through momentum indicators either. Read more...
GBP/USD plummets to 1.2920 level, reverses Tuesday’s positive move
The GBP/USD pair continued losing ground through the mid-European session and refreshed daily lows, around the 1.2925-20 region in the last hour.
A combination of factors led to some renewed weakness on Wednesday and forced the pair to erase a major part of the overnight strong gains to one-week tops – levels just above the key 1.30 psychological mark.
GBP/USD weighed down a modest USD uptick/no-deal Brexit fears
As investors assessed the economic impact of the coronavirus outbreak, a sharp intraday turnaround in the US Treasury bond yields from all-time lows helped ease the recent bearish pressure surrounding the US dollar. Read more...
GBP/USD Analysis: Dropped to 1.2940
Yesterday, the GBP/USD exchange rate reversed south from the upper boundary of the medium-term descending channel at 1.3020. During Wednesday morning, the rate dropped to 1.2940.
From the one hand, the currency pair could gain support from the 100-hour SMA neat 1.2940 and reverse north. In this case the pair could re-test the upper channel line. Read more...
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