Technical analysis: GBP/USD nears 1.38 mark, bullish bearing intact
GBPUSD is pushing up against the upper Bollinger band, which is converging with the 100-day simple moving average (SMA) at 1.3801, trying to extend further the hike from the 9-month low of 1.3411. The 200-day SMA is endorsing a neutral tone, while the bearish demeanour in the 50- and 100-day SMAs seems to be easing.
The short-term oscillators are reflecting an increase in positive momentum in the pair. The MACD has advanced above its red trigger line and is currently flirting with the zero line, while the RSI is making headways in the bullish territory. The stochastic oscillator has resumed a positive charge with the %K line pushing into the overbought zone, which is promoting bullish price action in the pair. Read more...
GBP/USD Forecast: Bulls retain control as BoE rate hike bets increase
The GBP/USD pair closed the fourth straight trading day in the positive territory on Monday and has managed to preserve its bullish momentum during the European trading hours on Tuesday.
As investors remain focused on the Bank of England's (BoE) policy outlook in the absence of Brexit-related developments, the British pound continues to outperform its rivals. At the time of press, GBP/USD was trading at its highest level in a month a tad below 1.3800. Read more...
GBP/USD pierces 1.3800, hits fresh monthly high above 1.3830
The GBP/USD pair continued to push higher during the European trading hours and reached its strongest level in a month at 1.3832. As of writing, the pair was up 0.75% at 1.3828. The heavy selling pressure surrounding the greenback on Tuesday seems to be fueling the pair's rally. In the absence of high-tier macroeconomic data releases, the risk-positive market environment is making it difficult for the dollar to find demand. The US Dollar Index was last seen losing 0.42% on the day at 93.55.
Later in the session, September Housing Starts and Building Permits data will be featured in the economic docket. In the meantime, the US stock index futures are up between 0.35% and 0.45%, suggesting that risk flows are likely to continue to dominate the financial markets in the second half of the day. Read more...
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