GBP/USD outlook: Bulls regain traction but more evidence needed to signal reversal
Cable regained traction on Friday after negative tone prevailed during this week, with three-day drop ending with a hammer candle that generated initial bullish signal. Fresh advance nearly fully reversed losses of this week but needs lift above pivotal barriers at 1.3887/97 (falling 20DMA / Fibo 61.8% of 1.4001/1.3731 bear-leg) to confirm reversal signal and open way for stronger recovery. Formation of bullish engulfing today would add to positive tone, but stall of 19-d momentum rally on approach to centreline and subsequent descend, warn that recovery may run out of steam. Read more...
GBP/USD Weekly Forecast: A third week of declines? Delta, data and dollar strength promise action
GBP/USD has failed to take advantage of the upcoming UK reopening. Inflation data on both sides of the pond, UK jobs and US retail sales predict major movement ahead. Mid-July's daily chart shows bears remain in the lead. The FX Poll is pointing to a gradual upward move. King Dollar reigned supreme, almost regardless of bond yields and some Fed caution. Top-tier US consumer data and Britain's jobs report are now eyed – alongside growing fears of the Delta variant on both sides of the pond. Read more...
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GBP/USD quickly erodes 50-pips, turns south towards 1.3800
GBP/USD rises for the first time in four trading days. Risk recovery offsets poor UK data, Brexit, covid woes. DXY weakness boosts the cable but London fix weighs. GBP/USD runs into fresh supply into the London fix on Friday, quickly giving away nearly 50-pips to turn back towards the 1.3800 level. Read more...
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EUR/USD turns positive above 1.1500, Dollar retreats
EUR/USD now makes a reversal, up modestly for the day after surpassing the 1.1500 barrier. The pair’s rebound came on the back of increasing and renewed selling pressure around the Greenback, particularly after FOMC Governor M. Bowman opened the door to a July rate cut. Meanwhile, investors remain watchful of the geopolitical landscape ahead of a potential move by Iran in response to the recent US attacks.
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Gold treads water below $3,400 on stronger USD
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GBP/USD climbs to daily highs around 1.3480
After bottoming out in multi-week lows near 1.3370, GBP/USD now picks up pace and gains around a cent to hit new daily peaks around 1.3480 in response to fresh selling pressure hitting the Greenback. The knee-jerk in the US Dollar comes despite steady fears on the Iran-Israel-US front and firm results from preliminary US PMIs for the month of June. On the UK docket, all the attention remains on upcoming flash Manufacturing and Services PMIs.
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