Pound Sterling Price News and Forecast: GBP/USD further gains linked to persistent dollar’s weakness

FXStreet Team FXStreet

GBP/USD Price Analysis: Prints rising wedge on 4-hour chart above 1.2600

GBP/USD drops to 1.2630 amid the early Monday morning in Asia. Even so, the Cable remains positive on a daily basis with around 0.10% gains. Though, a bearish chart pattern, the rising wedge, joins bearish MACD signals, question the bulls.

As a result, 1.2600 becomes the key for decision making as a downside break of the same will confirm the bearish formation. Also increasing the strength of the support is 23.6% Fibonacci retracement of June month declines from 1.2813 to 1.2251.

Even if the pair’s break of 1.2600 opens the door for its southward trajectory towards July 03 low near 1.2440, 200-bar SMA level of 1.2510 could offer intermediate halts during the quote’s declines.

GBP/USD Forecast: Further gains linked to persistent dollar’s weakness

The GBP/USD pair hit 1.2663 on Friday, unable to surpass its weekly high and retreating to settle at 1.2621. The rally was the result of the broad dollar’s weakness, as news coming from the UK lend no support to the Pound. Market players ignored headlines indicating no progress in Brexit talks throughout the week, with remaining “significant differences” on a number of important issues.

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GBP/USD targets 1.3500 barrier near moving averages

GBP/USD rebounds from the daily losses, trading around 1.3450 during the Asian hours on Monday. The technical analysis of the daily chart indicates an ongoing bearish bias, as the pair trades within a descending channel pattern.

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