Pound Sterling Price News and Forecast: GBP/USD sellers could take action if 1.2700 support fails
|GBP/USD outlook: Near-term action lacks clearer direction signal but overall still bullishly aligned
Cable is holding around 1.2700 mark in early Wednesday, following a triple upside rejection at 1.2770 zone.
Larger picture shows the pair trading below the middle of the range (1.2610/1.2827) which extends into fourth consecutive week and capped by 200WMA (1.2837). Read more...
GBP/USD Forecast: Sellers could take action if 1.2700 support fails
GBP/USD edged lower and snapped a 4-day winning streak on Tuesday, pressured by the negative shift seen in risk sentiment. The pair holds steady above 1.2700 early Wednesday but the technical outlook doesn't yet point to a build-up of recovery momentum.
The US Dollar (USD) gathered strength on Tuesday as safe-haven flows dominated the action in financial markets in the American session. Investors are concerned that a prolonged conflict in the Middle East could ramp up energy prices and make it difficult for central banks to tame inflation. Read more...
GBP/USD remains above 1.2700 despite risk aversion mood, awaits BoE Bailey’s speech
GBP/USD is in focus as it hovers around 1.2710 during the Asian session on Wednesday. After a recent dip that interrupted a four-day winning streak, the Pound Sterling (GBP) found support against the US Dollar (USD). The improved market risk appetite, driven by comments from Federal Reserve (Fed) members speculating about potential rate cuts by the end of 2024, contributed to a weaker US Dollar. However, a sudden shift in sentiment towards risk aversion added pressure, impacting the GBP/USD pair. Read more...
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