Pound Sterling Price News and Forecast: GBP/USD remains stuck between two key averages
|Daily technical and trading outlook – GBP/USD
GBP/USD - 1.3342.. Outlook is similar to euro, cable moved narrowly in Asia y'day n staged a recovery to 1.3389 at European open b4 falling as USD rose in tandem with US yields, price later tumbled to 1.3317 in NY session.
On the bigger picture, despite cable's brief break of 2016 post-Brexit low of 1.1491 to a near 35-year trough of 1.1412 in mid-Mar 2020 on safe-haven usd's demand following free fall in global stocks, price rallied to 1.3686 on the last trading day of 2020 following a last-minute EU-UK trade deal, then to a near 34-month, 1.4241 peak in late Feb suggests a major low is made. Despite hitting a 3-year peak of 1.4250 on Jun 01, selloff to as low as 1.3412 in Sep confirms a long-awaited correction has occurred. Read more...
GBP/USD Price Analysis: Remains stuck between two key averages, downside favored
GBP/USD is defending minor bids while wavering around 1.3350 so far this Thursday, as it lacks a trading impetus amid a Thanksgiving Day holiday in the US. The US dollar remains sluggish across its major peers, correcting some of its previous gains and lending support to the cable. Meanwhile, ongoing Brexit concerns, with France's pledge to continue its row over fishing rights with the UK, cap the upside attempts in the major.
Markets now look forward to Bank of England (BOE) Governor Andrew Bailey’s appearance scheduled later this Thursday for fresh insights on the central bank’s rate hike outlook. Looking at GBP/USD’s hourly chart, the bull-bear tug-of-war is seen extending between the bearish 50-Hourly Moving Average (HMA) and the descending 21-HMA, which are placed at 1.3357 and 1.3337 respectively. Read more...
GBP/USD struggles near YTD low, bears await a break below 1.3300 mark
The GBP/USD pair refreshed YTD low during the mid-European session, albeit lacked follow-through and so far, has managed to hold above the 1.3300 round-figure mark.
The British pound drew some support on Thursday from the latest signs that a further breakdown of the post-Brexit UK-EU relations is not imminent. Reports indicate that Britain would hold off suspending parts of the Brexit divorce deal relating to Northern Ireland for as long as talks with the EU remain constructive. Read more...
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