Daily technical and trading outlook – GBP/USD
GBP/USD - 1.3363.. Cable traded sideways in Asia Wed b4 briefly rising to 1.3441 at European open, however, sterling then tumbled to 1.3339 in Europe, then to session lows of 1.3288 in NY on negative Brexit news b4 rebounding.
On the bigger picture, despite cable's brief break of 2016 post-Brexit low of 1.1491 to a near 35-year trough of 1.1412 in mid-Mar on safe-haven usd's demand following free fall in global stocks, sterling's rally to as high as 1.28 12 (Jun) on broad-based usd's weakness, then to an 8-month peak of 1.3482 on the 1st day in Sep suggests a major bottom is in place. Although decline to 1.2676 (Sep) due to market concerns of a hard Brexit signals temp. top is made, cable's rise to 1.3442 on Tue suggests pullback has ended n upside bias remains for a re-test of 1.3482, then 1.3566 in early Dec. On the downside, only below 1.3177 prolongs sideways swings n risks 1.3107, break would head to 1.3050. Read more...
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GBP/USD Forecast: Sterling may surge to 1.35 on a Brexit deal, tensions reaching new highs
Nerves are wreaked, deal or no deal? Tensions around Brexit talks have been hitting new highs and that is reflected in the pound's price. Every headline causes jitters ahead of official updates due on Thursday or on Friday.
The latest news pieces have been positive. Ireland's Foreign Minister Simon Coveney said he believes a Brexit deal can be reached within the next few days. Reuters quotes unnamed EU diplomats that say a deal could come on Friday or over the weekend. Read more...
GBP/USD Price Analysis: Retakes 1.3400 mark, bulls eyeing a move towards channel resistance
The GBP/USD pair regained positive traction on Thursday and built on the previous day's intraday bounce from sub-1.3300 levels. The pair has now reclaimed the 1.3400 mark, with bulls now eyeing a move towards three-month tops set earlier this week.
From a technical perspective, the recent move up from the 1.2675 region – lows touched on September 23 – has been along an upward sloping channel and points to a well-established bullish trend. This, along with the emergence of some dip-buying near the 1.3285-80 region, supports prospects for an extension of the appreciating move. Read more...
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