GBP/USD is down on the day by some 0.45% and has fallen from a high of 1.2540 to a low of 1.2448 on the day as speculators continue to cut their short GBP positions. However, the pair is running into a potential area of support as the following technical analysis will illustrate: Read More...

Pound Sterling bleeds lower as negative sentiment prompts US Dollar safe-haven buying

The Pound Sterling (GBP) continues bleeding lower against the US Dollar (USD) on Friday, following weakness triggered by the Bank of England (BoE) monetary policy meeting on the previous day. GBP/USD is now trading in the mid 1.24s after being pressured lower on safe-haven flows into the US Dollar amidst concerns about the US debt-ceiling in the absence of a deal and following the release of the Michigan Consumer Confidence Index, which showed a decline to 57.7 from 63, and Michigan 5-year inflation expectations, which rose to 3.2% from 3.0% previously. Read More...

GBP/USD seems vulnerable near 1.2500 mark, over one-week low amid modest USD strength

The GBP/USD pair attracts fresh sellers following an early uptick to the 1.2540 region on Friday and drops to a one-and-half-week low during the early North American session. Spot prices slip below the 1.2500 psychological mark, with bears now awaiting a break below through the lower end of an ascending trend channel extending from the April swing low before placing fresh bets. Read More...