Pound Sterling Price News and Forecast: GBP/USD risk aversion pushes cable below 1.37 mark
|GBP/USD Price Analysis: Breaches critical daily support, focus on Thursday’s close
GBP/USD is attacking the 1.3700 level, as a broad US dollar’s strength remains the key theme playing out in early European trading.
The cable suffers from hawkish FOMC minutes-led dollar’s strength as well as from slowing inflationary pressures in the UK and Brexit worries.
The cable is now trading at 1.3704, down 0.36% on the day, having finally breached the critical upward-sloping daily support line, now at 1.3739. The line connects the previous day’s low and July lows. Read more...
GBP/USD outlook: Risk aversion pushes cable below 1.37 mark
Cable resumes steep descend, which paused after 0.8% drop on Tuesday, and probed below 1.3700 mark on Thursday.
Bears cracked pivotal Fibo support at 1.3668 (76.4% of 1.3571/1.3983), on course to fully retrace the upleg from 1.3571 (July 20 low).
Rising bearish momentum and multiple MA bear crosses on daily chart support the action but bears may face headwinds on approach to the top of thick rising weekly cloud (1.3645) as daily stochastic is oversold. Read more...
GBP/USD remains heavily offered below 1.3700 mark, one-month lows
The GBP/USD pair dropped to near one-month lows, around the 1.3665 region in the last hour, albeit recovered few pips thereafter. The pair was last seen trading just below the 1.3700 mark, still down over 0.40% for the day.
Following the previous day's modest bounce, the GBP/USD pair came under some fresh selling pressure on Thursday and prolonged its recent decline from the vicinity of the key 1.4000 psychological mark. A combination of factors pushed the US dollar to the highest level since November 2020, which, in turn, was seen as a key factor that dragged the GBP/USD pair lower. Read more...
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