Pound Sterling Price News and Forecast: GBP/USD surrenders early gains to fresh multi-year tops
|GBP/USD Forecast: Sterling may surge to 1.38 with a push from Powell
The UK has surpassed 100,000 coronavirus deaths – but has also vaccinated over 10% of the population with at least one shot. Investors have been focusing on the latter figure and pushing the pound higher, especially as the EU is battling AstraZeneca around doses supplies.
Apart from proceeding at full speed on the inoculation front, Britain's caseload is also falling, providing hope that the lockdown is removed sooner rather than later. Wednesday's publication of upbeat jobs figures – the Unemployment Rate remains depressed at 5% – is also supporting sterling. Read more...
GBP/USD surrenders early gains to fresh multi-year tops, retreats to 1.3730 area
The GBP/USD pair faded an early European session spike to fresh 32-month tops and has now retreated to the lower end of its daily trading range. The pair was last seen hovering around the 1.3730 region, nearly unchanged for the day.
The pair built on the overnight strong rally of around 135 pips from the vicinity of the 1.3600 mark and gained some follow-through traction through the first half of the trading action on Wednesday. The momentum pushed the GBP/USD pair to the highest level since May 2018, around the 1.3755-60 region, though lacked any strong follow-through buying. Read more...
GBP/USD outlook: Expected dovish stance from Fed could lift cable for clear break of 1.37 zone
Cable rose to new 32-month high in early Wednesday's trading, extending Tuesday's 0.5% advance on revived risk mode.
Fresh strength broke above last week's new high at 1.3745 and eyes targets at 1.3772 (May 2018 high) and 1.3800 (round-figure), but more evidence is required to confirm final break above 1.37 zone after several failures.
Daily technical studies support the action as moving averages are in full bullish setup and positive momentum is rising. Read more...
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