GBP/USD bears may retain charge after one-month low [Video]
GBPUSD refused to close within the Ichimoku cloud for a second time this month on Monday despite piercing it slightly to the downside.
With the price having reached a new one-month low of 1.2250 in a familiar support area, upside corrections or some stabilization cannot be ruled out in the short-term. Yet, any improvement could be short-lived as the bears remain in charge according to the RSI and the MACD which continue to lose strength below their neutral marks. Read More...
GBP/USD Forecast: Now seems vulnerable to test sub-1.2200 levels
The GBP/USD pair failed to capitalize on its attempted recovery move on Monday, instead witnessed a dramatic intraday turnaround and dived to one-month lows. The early uptick was exclusively sponsored by the emergence of some renewed US dollar selling bias amid a modest recovery in the global equity markets. However, the ever-increasing number of coronavirus cases served as a warning that the road to recovery will be much slower than expected. This, in turn, extended some support to the greenback's perceived safe-haven status and kept a lid on any strong gains for the major.
The British pound was further pressured by concerns about how Britain’s government will pay for its planned infrastructure program. The worries surfaced after the UK Prime Minister Boris Johnson promised to double public investments. This comes on the back of persistent Brexit-related uncertainties, which further took its toll on the sterling and contributed to the pair's sharp intraday fall. The pair tumbled around 140 pips from daily swing highs and took along some short-term trading stops near the 1.2300 round-figure mark. Read More...
GBP/USD Forecast: Five reasons to extend the 500-pip fall and levels to watch
GBP/USD traded above 1.28 in mid-June – and has been struggling to recapture 1.23 in recent hours – a 500+ pip plunge. There may be more in store. The currency pair will likely end the second quarter above its closing levels in late March – but may continue its slide.
Five GBP/USD downers
!) Leicester lockdown: The gradual reopening of the British economy – slower than continental peers – is seeing its first significant setback. Leicester, a midsized town in the Midlands, will suffer from new restrictions. New coronavirus figures from the region and the rest of the UK will be eyed. Read More...
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