Pound Sterling Price News and Forecast: GBP/USD remains in red on dollar's rebound and UK GDP miss [Video]
|GBP/USD’s positive momentum could fade; indicators are flat [Video]
GBPUSD has been moving sideways since the rebound off the 35-year low of 1.1409 on March 20, holding in an upward sloping channel. In the short-term, the market could maintain consolidation if the RSI keeps moving around 50 and the red Tenkan-sen line, as well as the blue Kijun-sen line, hold flat. Also, the MACD oscillator is moving marginally above zero level with weak momentum. Read More...
GBP/USD outlook: Cable remains in red on dollar's rebound and UK GDP miss
Cable extends weakness on Tuesday following previous day's strong fall (down 0.66% for the day) pressured by stronger dollar and UK GDP data miss (May 1.8% vs 5.5% f/c). Strong rebound of dollar on rising virus cases that prompted officials to impose new restriction measures in California and persisting US/China conflict, hurt risk sentiment. Fresh weakness cracked support at 1.2530 (10DMA) and pressures pivotal level at 1.2509 (Fibo 38.2% of 1.2251/1.2669 upleg). Near-term risk is shifting to the downside following formation of triple-top pattern on daily chart and Monday's strong bearish close after last week's shooting star (Thu) and Doji (Fri). Read More...
GBP/USD remains depressed below mid-1.2500s post-UK macro data
The GBP/USD pair remained on the defensive below mid-1.2500s and had a rather muted reaction to a batch of important UK macro releases.
The pair consolidated the previous day's sharp intraday pullback of around 115 pips from the 1.2665-70 resistance zone and struggled to gain any meaningful traction through the first half of the trading action on Tuesday. Traders seemed rather unimpressed by unexpected growth in the UK manufacturing output, which jumped 8.4% in May as compared to a decline of 20.9% expected. Read More...
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