Pound Sterling Price News and Forecast: GBP/USD hovering around 1.3950 as markets are torn by mixed virus developments.
Technical analysis: Will the GBP/USD retreat persist?
The GBPUSD technical analysis of the price chart on 1-hour timeframe shows GBPUSD: H1 is falling toward the 200-period moving average MA(200) which is rising still. We believe the bearish movement will continue after the price breaches below the lower bound of the Donchian channel at 1.3858. A level below this can be used as an entry point for placing a pending order to sell. The stop loss can be placed above 1.3945. After placing the order, the stop loss is to be moved to the next fractal high indicator, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.
GBP/USD set to tackle 1.40, fundamental picture remains favorable for cable bulls
According to FXStreet’s Analyst Yohay Elam, Sterling is well-positioned to attack 1.40 on the next market upswing.
The next dose of optimism has sterling well-positioned to gain
“US Treasury yields rise from a six-week low has also kept the dollar bid. Will it last? The focus may easily shift back America's economic boom, especially if US jobless claims refrain from leaping back to the previous higher. The decrease from levels above 700,000 to 576,000 last week was a welcome surprise and economists expect a consolidation of this improvement.”
Author
FXStreet Team
FXStreet
