GBP/USD Forecast: Petrol problems pound the pound, BOE and upbeat mood could turn it up
Running dry – the UK Petrol Retailers Association has said 50-90% of stations are running dry in some areas, and the crisis may derail the recovery. Calls to avoid panic-stocking have only served to highlight the issue and to trigger long lines at pumps.
Contrary to natural gas, there is no shortage of fuel, but rather one of truck drivers, many of whom are EU nationals. Prime Minister Boris Johnson suspended rules relating to hiring foreigners, is contemplating sending the army to help and also suspended competition rules. The longer the crisis lasts, the greater the pressure on the pound. Read more...
GBP/USD analysis: Finds support in 1.3660
At mid-day on Friday, the GBP/USD started to find support in the 1.3660 level. On Monday, the rate bounced off the support level and began a surge. The surge passed the resistance of the 55, 100 and weekly simple pivot points from 1.3675 to 1.3690. Next target for the surge was the 200-hour simple moving average near 1.3720.
In the case that the resistance of the 200-hour SMA fails to push the rate down, the pair would aim at the resistance of the 1.3750 mark and the weekly simple pivot point at 1.3759. Read more...
GBP/USD jumps to 1.3700 neighbourhood, fresh session tops
The GBP/USD pair shot to fresh daily tops during the early European session, though lacked any follow-through and remained below the 1.3700 mark.
The pair attracted some dip-buying on the first day of a new trading week and rallied over 35 pips from the daily swing lows, near the 1.3660-55 region. The uptick allowed the GBP/USD pair to recover a part of Friday's losses and was sponsored by a subdued US dollar price action. Read more...
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