GBP/USD Forecast: Dead cat bounce, UK coronavirus curve set to pressure pound
Eat out to help out – the scheme that gives Brits a boost to have a meal out on weekdays has kicked off – and the economy needs any help it can get. After depressing the coronavirus curve and settling for a localized lockdown in Leicester, the picture has changed.
Thursday's announcement of new restrictions affecting around 4.3 million people, talk of a lockdown in London remains prevalent. Whitehall officials claim it is only a worst-case scenario, but the mere idea of slapping new limitations on one of the world's financial capitals is weighing on the pound. Read More...
GBP/USD technical analysis: Gains take a blow; positive signals relatively intact
GBPUSD hit a snag after its recent appreciation reached a near five-month high of 1.3169, slightly below a significant resistance at the 1.3200 level. The minor retreat in price is mirrored in the reduced bullish slopes of the Ichimoku lines and the bearish orientation of the stochastic oscillator around the 80 level.
That said, the MACD and RSI maintain a paused positive demeanour, while the rising 50- and 100-day simple moving averages (SMAs) uphold a positive charge. The MACD, deep in the positive region, is flat above its red trigger line and, the RSI has yet to confirm significant weakness as it hovers in overbought territory. Read More...
GBP/USD analysis: Squeezed by 55 and 100-hour SMAs
Yesterday, the GBP/USD exchange rate traded between the 55– and 100-hour SMAs. During Tuesday morning, the rate was squeezed by the given moving averages.
From the one hand, it is likely that bulls could prevail in the market, and the currency pair could try to exceed the psychological level at 1.3150 in the short run.
On the other hand, the pair could be pushed down by the 55-hour SMA. Meanwhile, note that the rate could gain support from the weekly PP at 1.3013. If the given level holds, it is likely that the pair could consolidate. Read More...
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