Pound Sterling Price News and Forecast: GBP/USD portrays falling wedge on hourly chart below 1.2200

FXStreet Team FXStreet

GBP/USD Price Analysis: Portrays falling wedge on hourly chart below 1.2200

GBP/USD rises to 1.2191, up 0.15% on a day, during Monday’s Asian session. In doing so, the Cable pair extends its recoveries from Friday’s low of 1.2162 while staying inside a bullish chart formation.

Considering the pair’s sustained trading below 200-HMA, bulls are less likely to enter immediately on the upside break of falling wedge resistance, at 1.2200 now.

However, a successful break of 1.2215, comprising 200-HMA, could propel the quote towards the last weekly top near 1.2300.

GBP/USD Forecast: Negative rates and Brexit talks undermine Pound

The GBP/USD pair has fallen for a third consecutive day on Friday, settling at around 1.2170. Demand for Sterling was undermined by UK Retail Sales, which fell in April by 18.1% MoM, much worse than the -16.0% expected. When compared to a year earlier, sales were down by 22.6%, also much worse than anticipated. The UK currency was also weighed by the BOE talking about negative rates, and Brexit-related concerns, as, despite no progress in talks with the EU, the kingdom refuses to extend the transition period beyond December this year.

EUR/USD climbs to daily highs near 1.1820

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GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

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