GBP/USD eases back from multi-week highs above 1.3550, remains well supported as Johnson keeps economy open
GBP/USD has eased back from earlier session highs above 1.3550 (the pair’s highest levels since early November) in recent trade and is back to roughly in line with where it opened on the year in the 1.3520s. That means it still trades higher by about 0.4% or over 50 pips on the day, having rallied from Asia Pacific levels in the 1.3475 area, with Monday’s dip abck towards the 50-day moving average in the 1.3420 area (at the time) now having proven to have been a good entry point for the short-term bullish speculators. Read more...
GBP/USD Forecast: Downside appears limited as 1.3460 support holds
GBP/USD has snapped a three-day winning streak on Monday and fallen to a daily low of 1.3430 before staging a rebound early Tuesday. The pair was last seen trading a little below 1.3500 and the near-term technical outlook suggests that it could have a difficult time making a decisive move in either direction. The broad-based dollar strength weighed on GBP/USD on the first trading day of 2021. The risk-positive market environment provided a boost to US Treasury bond yields and helped the greenback find demand. The US Dollar Index, which gained more than 0.5% on Monday, is currently consolidating its gains near 96.30, limiting GBP/USD's rebound for the time being. Read more...
GBP/USD maintains some foothold after bearish start to 2022
GBPUSD tiptoed to the downside after its two-week rally peaked at a seven-week high of 1.3549 on Friday, with the price falling as low as 1.3429 on the first trading day of 2022. The pair is currently oscillating between gains and losses, creating doubts about whether it could stage a breakout above the upper boundary of the bearish channel, last tested back in October. Read more...
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