GBP/USD breaks nearby resistance, but a stronger rally needed [Video]
GBPUSD is gaining momentum within the 1.3800 area and above the red Tenkan-sen line, which kept the bulls under control over the past few weeks, marking its third consecutive green day. The technical indicators endorse the ramping positive traction in the price. The RSI has bottomed in the oversold area and is set to print a new higher high, while the Stochastics is also making its way above its 20 oversold levels. Read more...
GBP/USD analysis: Potential target at 1.3940
The British Pound edged higher by 43 pips or 0.31% against the US Dollar on Monday. The currency pair breached the 200– hour simple moving average at 1.3859 during Monday's trading session.
Given that the 55-, 100– and 200– hour SMAs are below the current price level, bullish traders are likely to continue to pressure the exchange rate higher during the following trading session. The potential target for the GBP/USD pair will be near the weekly R1 at 1.3940. Read more...
GBP/USD Forecast: Why Freedom Day enthusiasm could make way for a free-fall
If not now, when? That has been the gist of Prime Minister Boris Johnson's message when announcing that "Freedom Day" will arrive on July 19. England will ditch hundreds of COVID-19-related restrictions and reopen its economy in what has also been dubbed the "Big Bang." Sterling has cheered in response.
Will this enthusiasm last? Johnson's announcement came just as Britain reported over 27,000 coronavirus cases in one day and as hospitalizations creep up. Health Secretary Sajid Javid warned that infections could hit 100,000 daily by mid-summer, and according to calculations by expert Neil Ferguson, that could result 15,000 extra deaths until year-end. Read more...
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