Pound Sterling Price News and Forecast: GBP/USD rises above 1.2600 as pound strengthens [Video]
|GBP/USD: A close back under $1.2540 would suggest the bulls are losing their control [Video]
Although there is still a positive bias to Cable, the fact that the resistance of the falling 7-month downtrend continues to hamper the move higher is an increasing concern. The big trend line falls today around $1.2675 which is all but at the resistance of last week’s rebound high of $1.2670. Read more...
GBP/USD rises above 1.2600 as pound strengthens
The GBP/USD has been rising constantly over the last hours and it accelerated to the upside after the beginning of the American session. A weaker US dollar and also a strong recovery of the pound across the board pushed the pair further to the upside above 1.2600.
Recently cable printed a fresh daily high at 1.2625 and it is hovering near the top, with the positive momentum intact, looking at Wednesday’s high at 1.2650. Read more...
GBP/USD analysis: Revealed descending channel
Yesterday, the GBP/USD exchange rate revealed a short-term descending channel. During Thursday morning, the rate declined below 1.2560.
From a theoretical perspective, it is likely that some downside potential could prevail in the market, and the currency pair could reach the support area formed by the weekly S1, the monthly PP and the 1.2470/1.2500 area. Read more...
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