Pound Sterling Price News and Forecast: GBP/USD remains below 1.3000 inside short-term falling wedge
|GBP/USD Price Analysis: Remains below 1.3000 inside short-term falling wedge
GBP/USD stays mostly unchanged while taking rounds to 1.2910 during early Thursday. In doing so, the pair remains inside falling wedge formation, below 50-day SMA, while targeting the support line of the pattern.
Considering the bearish MACD and the pairs’ sustained weakness, the Cable is likely to defy the bullish formation by a decline below the 1.2870 immediate support.
GBP/USD Forecast: Pound’s decline set to continue
The GBP/USD pair trimmed Tuesday gains and fell toward the 1.2900 level, holding a handful of pips above this last heading into the Asian opening. There was no particular catalyst for the Pound’s decline, although speculative interest is unwilling to push the pair beyond 1.3000 amid the persistent uncertainty about the future UK relationship with the EU. Trade talks will begin next week, with both parts sticking to their guns. The UK wants a Canada-style trade deal, while the EU demands changes in UK rules to reach a “level playing field.” They have until December to come to an agreement.
FXStreet Indonesian Site - new domain!
Access it at www.fxstreet-id.com
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.