GBP/USD Weekly Outlook: Pound Sterling corrects amid geopolitical, economic concerns
The Pound Sterling (GBP) corrected after topping near 1.3000 against the US Dollar (USD) mid-week. However, the GBP/USD pair holds at its highest level in four months.
Over the weekend, the US launched large-scale airstrikes on Yemen, targeting the Iran-backed militant group Houthis. In response, Houthis attacked US vessels in the Red Sea, which Trump vowed to stop, warning that "hell will rain down" if they continue. Read more...
GBP/USD Elliott Wave technical analysis [Video]
This 4-hour Elliott Wave analysis of GBPUSD focuses on the pair's short-term structure and movement. The current market behavior reflects a corrective phase rather than a strong directional trend. At this stage, Orange Wave 4 is developing within the broader context of Navy Blue Wave 1. Read more...
GBP/USD Forecast: BoE's cautious tone fails to lift Pound Sterling
GBP/USD stays on the back foot and trades below 1.2950 after closing in negative territory on Thursday. The pair's technical outlook highlights a buildup of bearish pressure in the near term.
The Bank of England announced on Thursday that it left the policy rate unchanged at 4.5%, as widely expected. Only one policymaker, Swati Dhingra voted in favor of a 25 basis points (bps) rate cut. In the policy statement, the BoE reiterated that it will stick to a "gradual and careful" approach to removing policy restrain, adding that the policy will need to remain restrictive for sufficiently long. Although the BoE's cautious on further easing limited Pound Sterling's losses, it failed to support the currency in a noticeable way. Read more...
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