GBP/USD outlook: Extended consolidation likely to precede fresh push higher
Cable is consolidating under new multi-week high (1.2817), with near-term action underpinned by rising 10DMA (1.2758) and looking for fresh push higher and attack at 2024 high (1.2893).
Daily moving averages in full bullish configuration and with multiple bull-crosses maintain bullish structure, though fading positive momentum suggests that near-term action may hold in extended consolidation before larger bulls regain full control. Read more...
GBP/USD Forecast: Pound Sterling stabilizes near key technical level
Following Tuesday's decline, GBP/USD recovered modestly and closed in positive territory on Wednesday. The pair seems to have entered a consolidation phase slightly below 1.2800 and technical buyers could take action in case Pound Sterling manages to clear this level.
The US Dollar (USD) benefited from the upbeat ISM Services PMI data on Wednesday and made it difficult for GBP/USD to gather bullish momentum. Nevertheless, the pair held its ground as risk flows dominated the action during the American trading hours. Read more...
GBP/USD Forecast: Pound Sterling could stretch lower while 1.2800 resistance holds
GBP/USD lost 0.3% on Tuesday and snapped a three-day winning streak. The pair moves sideways in a narrow range below 1.2800 in the European session as market focus shifts to key data releases from the US.
Although the US Dollar (USD) struggled to gather strength after the disappointing job openings data on Tuesday, the cautious market mood made it difficult for GBP/USD to gather bullish momentum. The US Bureau of Labor Statistics reported that the number of Job Openings on the last business day of April stood at 8.059 million. This reading came in below the market expectation of 8.34 million. Read more...
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