GBP/USD Price Analysis: Faces a wall of resistance around 1.2600 and retraces towards 1.2530s
The British pound shifted to the defensive as sentiment shifted sour and weighed by weaker than expected UK PMIs, which dragged the major from weekly highs at around 1.2600 towards the 1.2530s area. At 1.2536, the GBP/USD is trimming some of Monday’s gains and is down 0.40%. Read more...
GBP/USD Forecast: Pound's fragility comes into view amid recession fears
GBP/USD has reversed its direction in the European session on Tuesday and dropped below 1.2500, erasing the majority of the gains it registered on Monday. The data from the UK reminded investors of the recession risks in the UK and weighed heavily on the British pound. Read more...
Technical analysis: GBP/USD’s broader bearish bias under the microscope
GBPUSD is struggling to climb towards the upper Bollinger band which is residing within the 1.2633-1.2690 resistance zone following a price bounce in the vicinity of the 1.2160 support, logged back in May 2020. The diving simple moving averages (SMAs) are still backing the downward trend despite significant developments in the pair, after bouncing around two-year low levels. Read more...
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