Pound Sterling Price News and Forecast: GBP/USD falters ahead of 3-week-old descending channel resistance


GBP/USD Forecast: Downtrend resistance set to crush another recovery amid plethora of pound problems

A cat is said to have nine souls and also the volatile found its mojo amid end-of-quarter flows – but it may be yet another "dead-cat bounce." Money managers' adjustment of portfolios sent sterling surging on Tuesday, with a 100+ pip bounce – yet it failed to break above the downtrend resistance line. 

GBP/USD also benefited from dollar weakness, stemming from diminishing demand for the safe-haven currency. Stocks advanced and the greenback gave ground as the Conference Board's Consumer Confidence measure surprised with a stronger than expected bounce to over 98 points. Read More...

GBPUSD

 

GBP/USD Analysis: Falters ahead of 3-week-old descending channel resistance

The GBP/USD pair witnessed a dramatic intraday turnaround on Tuesday and rallied around 150 pips from the vicinity of monthly lows set in the previous session. The British pound remained depressed through the first half of the day amid doubts over Britain’s ability to pay for its planned massive boost to public spending. This comes amid persistent Brexit uncertainties, which coupled with weaker-than-expected UK GDP print further took its toll on the sterling. The final GDP report released by the Office of National Statistics showed that the economy contracted by 2.2% during the first quarter of 2020, more than 2.0% originally estimated and marked the largest quarterly contraction since 1979. Read More...

GBPUSD

 

GBP/USD recovers lost ground; struggles to find acceptance above 1.2400 mark

The GBP/USD pair rallied over 50 pips from the Asian session lows and jumped to fresh weekly tops, around the 1.2410-15 region in the last hour.

Despite concerns about the ever-increasing coronavirus cases across the world, the US dollar struggled to attract any haven flows and remained depressed through the first half of Wednesday's trading action. This, in turn, assisted the GBP/USD pair to attract some dip-buying reversed an early dip to the 1.2360-55 region. Read More...

GBP/USD

Overview
Today last price 1.2397
Today Daily Change -0.0004
Today Daily Change % -0.03
Today daily open 1.2401
 
Trends
Daily SMA20 1.2527
Daily SMA50 1.2415
Daily SMA100 1.2472
Daily SMA200 1.269
 
Levels
Previous Daily High 1.2402
Previous Daily Low 1.2258
Previous Weekly High 1.2543
Previous Weekly Low 1.2314
Previous Monthly High 1.2813
Previous Monthly Low 1.2252
Daily Fibonacci 38.2% 1.2347
Daily Fibonacci 61.8% 1.2313
Daily Pivot Point S1 1.2305
Daily Pivot Point S2 1.221
Daily Pivot Point S3 1.2161
Daily Pivot Point R1 1.2449
Daily Pivot Point R2 1.2498
Daily Pivot Point R3 1.2593

 

 

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