GBP/USD Forecast: Out of overbought territory, and with upbeat fundamentals, cable is ready to climb
Winter is coming – Prime Minister Boris Johnson has warned his fellow Brits about chances of another wave of coronavirus on the other side of the summer. However, the UK's current state of affairs seems promising. Jabbing around half the population with one vaccine is proving immensely successful, and the next step of reopening seems all but certain.
Britain's Consumer Price Index marginally disappointed with 0.7% yearly in March, having a negligible impact on the sterling., nor does a speech by Bank of England Governor Andrew Bailey, who focused on diversity rather than monetary policy. The bigger moves come from the dollar. Read more...
British pound finding buyers as London session starts
The British Pound fell sharply from then 1.4000 handle on Monday towards the broken resistance of 1.3915. This was a key resistance that the GBP/USD pair managed to break and shoot up in the last week. Now the broken resistance has been turned to the support for the falling price.
The falling price found some buying interest and is trying to accumulate some strength at the level. Please note that the resistance turned support has a confluence with 20-period SMA as well. However, the volume is not quite significant at the moment. Read more...
GBP/USD to resume the core uptrend on a break above 1.4017 – Credit Suisse
GBP/USD needs to clear its March high at 1.4017 to reinforce its “double bottom” base above 1.3919 to reinforce the view that the decline from the 1.4237 late February peak remains a corrective phase only within the core longer-term uptrend, the Credit Suisse analyst team briefs.
“Above 1.3973, the cable can clear the way for a retest of 1.4009/17, above which should further reinforce the base and our bullish outlook for strength to the ‘measured base objective’ at 1.4169 and eventually a retest of the February YTD highs at 1.4237. Read more...
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