GBP/USD outlook: Bears are taking a breather ahead of attack at 2020 low
Cable is consolidating above new multi-month low, posted on Thursday after a brief probe below 1.15 handle, following an uninterrupted bear-run in past five days.
The pair is also on track for the third consecutive weekly loss, with risk aversion and strong dollar, keeping the pound in strong defensive mode.
Consolidation or brief bounce on oversold daily studies and fading bearish momentum could be expected in the near-term, with upticks to stay below falling 10DMA (1.1703) and keep bears intact for final push towards key support at 1.1410 (2020 low). Read more...
GBP/USD Forecast: Buyers refrain from betting on a steady rebound
GBP/USD has staged an upward correction after having slumped to its weakest level in over two years at 1.1500 on Thursday. The positive shift witnessed in risk sentiment helps the British pound stay resilient against the dollar early Friday but the technical outlook doesn't yet point to a bullish tilt in the near term.
The unabated USD strength forced GBP/USD to suffer heavy losses on Thursday. The bigger-than-expected decrease in the weekly Initial Jobless Claims data triggered a leg higher in the US Dollar Index in the early American session and the upbeat ISM Manufacturing PMI survey provided an additional boost. Read more...
GBP/USD consolidates its recent fall to over 2-year low, eyes US NFP for fresh impetus
The GBP/USD pair struggles to capitalize on the overnight late bounce from levels just below the 1.1500 psychological mark and oscillates in a narrow band on Friday. The pair is placed around mid-1.1500s and remains well within the striking distance of its lowest level since March 2020 touched on Thursday.
The US dollar eases a bit from a fresh two-decade peak set the previous day, which turns out to be a key factor offering some support to the GBP/USD pair. Signs of stability in the financial markets, along with a softer tone surrounding the US Treasury bond yields, undermines the safe-haven buck. That said, hawkish Fed expectations should help limit any deeper USD pullback. Read more...
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