Pound Sterling Price News and Forecast: GBP/USD surrenders ground after 200-MA curbs rally [Video]
|GBP/USD reversal targeting 1.3168 weekly support? [Video]
Watch the video for a summary of this week’s news releases, a review of the USD index, and a complete top down analysis of the GBPUSD. Review my previous GBPUSD analysis here. Weekly support at 1.3168, resistance at 1.3571 and 1.3602. Weekly chart is in a downtrend showing lower tops and bottoms. Price has rallied and then reversed at the 79% fib retracement level. Is a further lower top now forming on the weekly chart? Read more...
Technical analysis: GBP/USD surrenders ground after 200-MA curbs rally
GBPUSD has retraced nearly 50 percent of the three-week rally that began around the 1.3200 handle, but negative forces are diminishing as the drop approaches the lower Bollinger band at 1.3428. The longer-term simple moving averages (SMAs) continue to endorse a broader bearish trajectory in the pair.
The short-term oscillators are tilting more to the downside despite the stochastic oscillator signalling some weakness in bearish pressures. The MACD, in the positive region, is distancing itself beneath its red trigger line, while the RSI is sliding lower in the negative zone. As said, the stochastic lines are attempting to come back from oversold territory, hinting that buyers are fighting back. Read more...
GBP/USD struggles to gain any meaningful traction, stuck in a range below 1.3500 mark
The GBP/USD pair seesawed between tepid gains/minor losses through the first half of the European session and remained confined in a range below the key 1.3500 psychological mark.
A combination of negative factors failed to assist the GBP/USD pair to gain any traction or capitalize on the overnight recovery move from a three-week low, around the 1.3440 region. Growing demand for UK Prime Minister Boris Johnson's resignation over a series of lockdown parties in Downing Street acted as a headwind for the British pound. Apart from this, modest US dollar strength capped upside for the major. 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.