Pound Sterling Price News and Forecast: GBP/USD Seems bullish above 1.36
|Technical analysis: GBP/USD support base holds firm but advances curbed by 50-MA
GBPUSD’s bounce at a one-month low of 1.3608, just shy of the floor of the short-term trading range, has become capped by the 50-period simple moving average (SMA). The trendless SMAs have been zig zagging for around two-months and are now holding a slight bearish tilt, with the 50-period SMA exhibiting a more potent negative bearing.
The Ichimoku lines are indicating that downward forces have yet to fully abate, while the short-term oscillators are conveying conflicting messages in directional momentum. The MACD, in the negative zone, has approached the zero threshold after strengthening above its red trigger line, while the RSI is stalling slightly above the 50 level. Read more...
GBP/USD Elliott Wave analysis: Seems bullish above 1.36
Cable GBPUSD found support at the technical level; at the lower side of a triangle range . A jump in price came after hawkish BOE yesterday which lifts optimism for the currency as they warned about higher inflation.
Pair came up in impulsive fashion and it's now pointing to a higher price, even if just a short-term rally for a three-wave move back to the upper side of a range. In either case, we think there is a chance for further strength while pair trades above 1.36. Read more...
GBP/USD Forecast: Holding around 1.3700, bears cautious
The greenback pared losses as the market’s optimism receded on the back of the poor performance of Chinese equities. The GBP/USD pair retreated from a weekly high at 1.3750, currently trading around the 13700 figure. The dollar strengthens particularly against commodity-linked currencies, while European rivals seem to be baring better with the downbeat mood. At the time being, European indexes post modest intraday losses, while US government bond yields retain gains at multi-month highs.
The macroeconomic calendar has nothing to offer this Friday, as the UK did not release macroeconomic figures, while the US will publish August New Home Sales. US Federal Reserve Chairman Jerome Powell will participate in an online event hosted by the central bank, although it seems quite unlikely that he will make fresh comments on monetary policy. Read more...
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