GBP/USD edges towards 2021 lows as bears resurface [Video]
GBPUSD has erased last week’s gains, which barely touched the 1.3500 level, bringing its 2021 low of 1.3352 back into scope.
There is speculation for additional bearish sessions in the short term given the negative slope in the RSI, and the falling red Tenkan-sen line, which has been a key barrier to upside movements over the past three weeks. On the bright side, the MACD has reached its former support region, raising the odds for a potential reversal in the price, though as long as it holds below its red signal line, the base scenario is for the pair to continue lower. Read more...
GBP/USD Forecast: Pound's struggles to break above 1.3400 a bad sign for bulls
GBP/USD has been finding it hard to stage a convincing rebound early Tuesday despite the modest selling pressure surrounding the greenback. In case the pair fail to reclaim 1.3400, bears could see that as a selling opportunity.
Following US President Joe Biden's decision to nominate Jerome Powell for a second four-year term as the Fed chair, the dollar continued to outperform its rivals on the back of surging US Treasury bond yields. The US Dollar Index, however, seems to have lost its bullish momentum on Tuesday with market participants focusing on the FOMC Minutes and Wednesday's high-tier data releases. Read more...
GBP/USD stays below 1.34 after UK Preliminary Manufacturing PMI unexpectedly rises to 58.2 in November
The seasonally adjusted IHS Markit/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) unexpectedly improved to 58.2 in November versus 57.3 expected and 57.8 – October’s final reading.
Meanwhile, the Preliminary UK Services Business Activity Index for November surprised positively, arriving at 58.6 versus October’s final readout of 59.1 and 58.5 expected. Read more...
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