GBP/USD drives down a slippery road, EUR/JPY seems to be looking for downside correction [Video]
GBPUSD could not close successfully above the 1.1988 – 1.2000 bar last week, which had proven to be a reliable support base between 2016 and 2019, with the price erasing its latest bullish attempt to chart a new two-year low at 1.1844 early on Tuesday.
The market is lacking conviction for a meaningful bounce back as the RSI keeps hovering comfortably below its 50 neutral mark, while the MACD is displaying stronger bearish dynamics, extending its negative trajectory below its red signal line. Read more ...
GBP/USD outlook: Pound extends weakness, pandemic low comes in focus
Cable hit new lowest since March 2020, in extension of Monday’s 1% drop, with close well below 1.20 handle and former lows at 1.1958/30 (Sep 2019 / Oct 2016 lows respectively) and fresh extension lower on Tuesday, signaling that bears regained control.
Pound is pressured by rising dollar and risk aversion, which add to negative internal factors – political turmoil and slowing economic growth in Britain that raises threats of recession. Daily techs show rising negative momentum and moving averages in full bearish setup that supports the action for final push towards Mar 2020 low (1.1409). Read more ...
GBP/USD Price Analysis: Dives to 1.1800 neighbourhood, lowest since March 2020
The GBP/USD pair added to the overnight heavy losses and witnessed some selling for the second straight day on Tuesday. The bearish pressure remained unabated through the early European session and dragged spot prices to the 1.1800 neighbourhood, or the lowest level since March 2020.
The US dollar prolonged its recent strong bullish run and shot to a fresh two-decade high, bolstered by hawkish Fed expectations and the prevalent risk-off environment. This, in turn, was seen as a key factor that continued exerting downward pressure on the GBP/USD pair. Read more ...
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD continues its downward trend for the fourth consecutive day, driven by a stronger US Dollar influenced by the hawkish market sentiment surrounding the Federal Reserve and expectations of prolonged higher interest rates.
GBP/USD: The first downside target is seen at the 1.2600–1.2605 zone
GBP/USD trades on a weaker note around 1.2620 during the early European session on Friday. The decline of Pound Sterling is backed by the growing speculation that the Bank of England will begin the rate-cut cycle this year.
Gold ends Q1 2024 at record highs, what’s next?
Gold is sitting at an all-time high of $2,236, lacking a trading impetus amid holiday-thinned conditions on Good Friday. Most major world markets, including the United States are closed in observance of Holy Friday, leaving volatility around Gold price highly subdued.
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple price has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days.
US core PCE inflation set to ease in February on month as Federal Reserve rate cut bets for June mount
The core Personal Consumption Expenditures Price Index is set to rise 0.3% MoM and 2.8% YoY in February. The revised Summary of Projections showed that policymakers upwardly revised end-2024 core PCE forecast to 2.6% from 2.4%.