GBP/USD Analysis: Bullish bias remains, focus shifts to this week’s BoE meeting and US NFP
The GBP/USD pair kicked off the new week on a positive note and touched an intraday high level of 1.3932 during the early European session. The uptick allowed the pair to reverse a part of Friday's retracement slide from over one month tops and was sponsored by a combination of factors. The British pound remained supported by the declining trend in Delta variant infections in the UK and positive Brexit-related development. In fact, Britain reported 24,470 new cases of COVID-19 on Sunday, down from 26,144 on Saturday. Read more...
GBP/USD outlook: Bulls face headwinds at 1.40 zone
Cable regained traction after Friday’s drop and close in red, as bulls faced strong headwinds on approach to key 1.40 resistance zone. Fresh recovery in early Monday’s trading keeps in play hopes for renewed attempt at 1.40 pivot, as larger uptrend from 1.3571 (July 20 low) remains intact after shallow pullback.
Daily moving averages (10/20/30) in bullish setup and rising positive momentum support the action, with today’s daily cloud twist attracting bulls. On the other side, Friday’s drop and close below 1.3910 (broken Fibo 50% of 1.4249/1.3571) generated initial negative signal, with stochastic reversing from overbought territory and weighing on near-term action. Read more...
GBP/USD climbs to fresh session tops, around 1.3925-30 region
The GBP/USD pair edged higher during the European session and climbed to fresh daily tops, around the 1.3925-30 region in the last hour.
A combination of factors assisted the GBP/USD pair to catch some fresh bids on the first day of a new trading week and recover a part of Friday's retracement slide from over one month tops. The British pound remained well supported by the declining trend in Delta variant infections in the UK. Read more...
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