Pound Sterling Price News and Forecast: GBP/USD satisfactory NFP to keep cable on a positive note
|GBP/USD eases from tops, still well bid near 1.2500 mark
The GBP/USD pair trimmed a part of its early gains to over one-week tops, albeit has still managed to hold in the positive territory, around the key 1.2500 psychological mark.
The pair built on this week's goodish recovery move from mid-1.2200s and continued gaining traction through the first half of trading action on Thursday. The positive momentum was sponsored some follow-through selling around the US dollar. Read more..
GBP/USD: Satisfactory NFP to keep cable on a positive note
GBP/USD is trading up +0.31% to 1.2513 amid an upbeat market mood. Today, all eyes are on US Nonfarm Payrolls, which are expected to show an ongoing recovery and, therefore, the cable should be underpinned, FXStreet's analyst Yohay Elam informs.
Key quotes: "GBP/USD has broken above the downtrend resistance line and surged to new highs – buoyed by hopes of a coronavirus vaccine. Pfizer and BioNTech reported progress in initial tests, pushing stocks higher. That put pressure on the safe-haven dollar. Another effort to defeat COVID-19 is underway at Oxford University and is at a more stage – at least according to Dr. Anthony Fauci, America's leading epidemiologist. That seemed enough to outweigh all of sterling's issues." Read more..
GBP/USD nears its limits, stubborn resistance at 1.2550 to test overbought conditions
At press time, GBP/USD continues scaling higher, up 0.33% on a day to 1.2515, while Thursday's 4-hour chart is pointing to overbought conditions and strong resistance at 1.2550, FXStreet's analyst Yohay Elam reports.
Key quotes: "The Relative Strength Index on the 4-hour chart is around 70 – entering overbought conditions and implying a downside correction. On the other hand, GBP/USD is trading above the 50, 100, and 200 Simple Moving Averages after the recent surge, and benefits from upside momentum. Moreover, cable has decisively broken above the stubborn downtrend resistance line." Read more..
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.