Pound Sterling Price News and Forecast: GBP/USD retreats but sellers could remain hesitant [Video]
|GBP/USD Forecast: Pound Sterling retreats but sellers could remain hesitant
After rising more than 2.5% in the previous week, GBP/USD corrects lower and trades below 1.2900 in the European session on Monday. In the absence of high-tier data releases, the pair's action could remain subdued in the near term.
The US Dollar (USD) Index, which tracks the USD's performance against a basket of six major currencies, lost more than 3% last week, pressured by growing fears over a recession in the US. Read more...
GBP/USD Elliott Wave technical analysis [Video]
The GBPUSD Elliott Wave Analysis for the day chart indicates a bullish trend, with the market currently in an impulsive phase. The price structure follows Orange Wave 3, which is part of a larger upward movement within Navy Blue Wave 1. This confirms that the market is in a strong uptrend, typical of an impulsive wave formation. Read more...
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