GBP/USD Price Analysis: Bears step in to test bulls at key support
GBP/USD is testing a prior resistance and an equal highs level near 1.2270. A break of this will open the risk of a deeper correction of the prior H4 bullish impulse with the 61.8% Fibonacci in focus that is near prior highs of 1.2200. Read more...
GBP/USD upside stalls near 1.2280 amid banking crisis, BoE response, and Brexit uncertainty
GBP/USD dribbles around a six-week high, making rounds to 1.2270-80 during early Tuesday, as the banking crisis challenges the Bank of England (BoE) hawks. Also testing the Cable pair buyers are the looming fears of another Brexit disappointment, despite UK Prime Minister Rishi Sunak’s hard efforts to strike a deal over the Northern Ireland Protocol (NIP).
The Telegraph conveys multiple analysts’ estimations while saying, “The Bank of England (BoE) will be forced to abandon an interest rate rise this week following turmoil in global financial markets.” The forecasts become too important ahead of the “Super Thursday” as some on the floor expected a 50 bps rate hike from the “Old Lady”, as the BoE is casually known. Read more...
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