GBP/USD Forecast: neutral short term, bearish potential intact

Valeria Bednarik FXStreet

The GBP/USD pair remains in consolidative mode this Monday, hovering around the 1.2200 figure. The UK PM, Theresa May, is hosting a Brexit summit with Scottish, Welsh and Northern Irish governments today, and the headlines out of it may affect the Pound later today. The UK will release a minor industrial report later today, although data coming from the US will be more relevant when it comes to move the pair, given that America will offer a couple of FED's speakers and the October preliminary Markit manufacturing PMI.

Technically, the 4 hours chart presents a neutral stance, given that the price is confined within a tight range and below a directionless 20 SMA, while technical indicators, despite heading modestly higher, hold within bearish territory.

A steady recovery beyond 1.2260 on dollar's weakness, can see the pair advancing up to 1.2300/30, although selling interest around this last will likely contain the pair. Below 1.2190 on the other hand, the risk is towards the downside, with the next supports and probable bearish targets at 1.2145 and the 1.2100 figure.

View live chart of the GBP/USD

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

EUR/USD meets initial support around 1.1800

EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

Ethereum Price Forecast: BitMine extends ETH buying streak, says long-term outlook remains positive

Ethereum (ETH) treasury firm BitMine Immersion continued its weekly purchase of the top altcoin last week after acquiring 45,759 ETH.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.