Pound Sterling Price News and Forecast: GBP/USD pressuring a four-month high
|GBP/USD Price Analysis: Battles 1.2900 following pullback from monthly rising channel’s resistance
GBP/USD recedes to 1.2925 during Wednesday’s Asian session. The pair refreshed the highest since March 13 the previous day but the upper line of an ascending trend channel from June 25 tamed the quote’s further upside amid overbought RSI conditions.
Considering this, the sellers are currently targeting the weekly support line, near 1.2850/45, as immediate rest ahead of revisiting July 21 top near 1.2770 and the mid-June top close to 1.2690.
GBP/USD Forecast: Pressuring a four-month high
The Sterling continued to benefit from the broad dollar’s weakness, with GBP/USD reaching 1.2952, its highest in four months. The UK currency found additional support in the July CBI Distributive Trade Survey on realized sales unexpectedly jumped to 4% from -37% and largely surpassing the expected -25%. , CBI Chief Economist, Rain Newton-Smith, however, warned that “the re-opening of non-essential retail was a vital step towards recovery but isn’t a cure-all,” as he added that for some businesses, the picture “remains bleak.”
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