Pound Sterling Price News and Forecast: GBP/USD wave C bounce at 144 ema and 1.30 support
|Daily technical and trading outlook – GBP/USD
GBP/USD - 1.3081...The pound went through a roller-coaster ride. Despite trading edging up to 1.3108 in Europe, price dropped to session lows at 1.2982 at NY open. Later, the pair rebounded strongly to 1.3074 in NY on usd's weakness.
On the bigger picture, despite cable's brief break of 2016 post-Brexit low of 1.1491 to a near 35-year trough of 1.1412 in mid-Mar on safe-haven usd's demand following almost free fall in global stocks, sterling strg rebound to as high as 1.2648 (Apr) on broad-based usd's weakness suggests low has been made. Although price fell to 1.2075 in May, price climbed to a near 3-month peak of 1.2812 in Jun. Although selloff to 1.2252 in late Jun signals MT uptrend fm 1.1412 has made a top, last Fri's rally to 1.3170 signals said upmove would head to 1.3283 after consolidation. Read More...
GBP/USD wave C bounce at 144 ema and 1.30 support
The GBP/USD completed the bearish wave C (pink) as indicated in yesterday’s analysis. Can the Cable make the bullish rally to complete wave 5 (purple)?
The GBP/USD made a bearish bounce as part of wave B (pink) and a bullish bounce at the end of wave C as expected. Usually speaking, the analysis focuses on a different currency pair or financial instrument each trading day. But today’s wave analysis is again on the GBP/USD to show how understanding wave patterns can help determine expected price swings and the potential bounce spots. Yesterday’s analysis helped identify the wave B and C (pink). Read More...
GBP/USD Forecast: Likely to consolidate as focus shifts to BoE decision on Thursday
The GBP/USD pair continued with its two-way price moves on Tuesday and settled nearly unchanged for the day, forming a Doji candlestick on the daily chart for the second straight session. Fears about the second wave of coronavirus infections in the UK comes amid worries over a no-deal Brexit and kept investors shy of the British pound. However, the emergence of some fresh selling around the US dollar continued lending some support to the major and helped limit any deeper losses.
As investors looked past Monday's upbeat US ISM Manufacturing PMI, worries that the ever-increasing number of coronavirus cases could undermine the US economic recovery led to some renewed weakness for the greenback. Adding to this, the impasse over the US fiscal stimulus measures and the ongoing slump in the US Treasury bond yields exerted some additional pressure on the buck. It is worth reporting that Republicans and Democrats were still far apart on the coronavirus relief package. 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.