Pound Sterling Price News and Forecast: GBP/USD pound looks to test 1.2000
|GBP/USD outlook: Cable stands at the back foot ahead of key UK inflation data
Bears extend into fourth consecutive day and probe through important support at 1.2026 (50% of 1.1760/1.2293 upleg/daily Kijun-sen), pressuring psychological 1.20 support.
Technical structure on daily chart is negative (MA’s in bearish setup/14-d momentum extending lower in negative territory), supporting scenario of break below pivotal 1.20 zone that would complete a double-top pattern on daily chart (1.2293/76) and signal an end corrective phase from 1.1760 (July 14 low, the lowest since March 2020). Read more...
GBP/USD Forecast: Pound looks to test 1.2000 as dollar recovery continues
GBP/USD has been struggling to gather recovery momentum after having lost nearly 200 pips since Friday. 1.2000 aligns as significant support for the pair and sellers are likely to remain in control of the action as long as the 1.2050 resistance holds.
Earlier in the day, the data published by the UK's Office for National Statistics revealed that the Unemployment Rate for April to June 2022 was 3.8% in the UK as expected. Further details of the report showed that wage inflation, as measured by the Average Earnings Including Bonus, declined to 5.1% from 6.4% in the same period. Although the UK's FTSE 100 Index opened in positive territory after this report, the British pound is having a difficult time finding demand. Read more...
GBP/USD to test the July 14 low near 1.1760 on a dip below 1.1965 – BBH
The GBP/USD pair manages to defend the 1.2000 psychological mark on Tuesday. A drop under 1.1965 would set up a test of the July 14 low near 1.1760, according to economists at BBH.
“Break below 1.1965 would set up a test of the July 14 low near 1.1760.”
“Employment rose 160K in the three months through June vs. 268K expected, while the unemployment rate remained steady at 3.8%.” Read more...
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