Pound Sterling Price News and Forecast: GBP/USD registered the first weekly gain in five weeks
|GBP/USD Price Analysis: Bulls attacking bears in supply area, reaching towards the weekly 38.2% Fibo
GBP/USD is on the way towards the weekly supply area in a 38.2% Fibonacci retracement of the weekly bearish impulse. From the weekly perspective, the bulls are in control within the correction that has so far yet to breach the 1.2530s and the 38.2% Fibo. The bears are attempting to guard the 1.25 areas.
GBP/USD Weekly Forecast: Will the recovery sustain above 21 DMA?
Bulls were finally rescued, as GBP/USD stalled its four-week downtrend and rebounded firmly from two-year lows of 1.2155 reached a week ago. A temporary bottom seemed in place, with the 400+ pips recovery, as the US dollar embarked on an overdue correction. The currency pair then flirted with the 1.2500 threshold ahead of BOE Governor Andrew Bailey’s appearance and critical US data.
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