Pound Sterling Price News and Forecast: GBP/USD bulls eye recovery as focus shifts to PMIs & PCE

FXStreet Team FXStreet

GBP/USD Weekly Forecast: Pound Sterling bulls eye recovery as focus shifts to PMIs & PCE

The Pound Sterling (GBP) witnessed an eventful and volatile week against the US Dollar (USD) as markets weighed monetary policy decisions by the US Federal Reserve (Fed) and the Bank of England (BoE).

Even though the week was dominated by high-impact labor and inflation data from the United Kingdom (UK), the main driver behind the GBP/USD price action remained the USD and the sentiment surrounding the Fed easing outlook. Read more...

GBP/USD Elliott Wave: Medium-term top

It appears that Cable completed wave ((b)) or ((x)) of wave 2 at Wednesday’s high of 1.3726. This means a multi-hundred pip decline is underway in wave ((c)) or ((y)) of 2. This decline likely carries down to 1.31 and possibly 1.28.

If the decline unfolds in 5-waves, then we’ll consider it to be wave ((c)), a five-wave Elliott wave pattern. If the decline unfolds in 3-waves, then we’ll consider it to be wave ((y)), a double zigzag pattern. Read more...

GBP/USD outlook: Cable bears face headwinds from daily cloud top

Cable remains in a step fall from last Wednesday’s 2 ½ month peak (1.3725) which has so far retraced over 61.8% of recent 1.3333/1.3725 rally and cracked next significant support at 1.3465 (daily cloud top).

Pound was initially hit by stronger dollar after Fed disappointed expectations for keeping very dovish stance, with signals from BoE Governor for possible further rate reductions, boosting bears on Thursday, while Friday’s unexpectedly high rise in UK borrowing sparked fresh acceleration lower. Read more...

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FXStreet Team

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