GBP/USD reclaims the 1.2000 figure on US PMIs flashing recession
GBP/USD recaptures the 1.2000 figure amidst a fragile market mood, as equities are seesawing of late, due to US S&P Global PMI data, flashing a contraction in the services sector and its Composite index, while traders seek safety towards US Treasuries, with US bond yields falling, undermining the greenback. The GBP/USD is trading at 1.2028 after diving towards its daily low at around 1.1915. Nevertheless, the major bounced back and rallied towards a daily high at 1.2063 before stabilizing around current price levels. Read more...
GBP/USD Weekly Forecast: 21 DMA remains a tough nut to crack, focus shifts to Fed
The long-due US dollar correction and increasing odds of a 50 bps BOE rate hike in August brewed a perfect mix for the much-needed recovery in GBP/USD from over two-year lows. Although uncertainty surrounding the UK political scenario and the critical 21-Daily Moving Average (DMA) capped the rebound in the currency pair. Bulls took a breather also ahead of the all-important Fed interest rate decision, US advance GDP and inflation data. Read more...
GBP/USD Forecast: Sellers could take action with a drop below 1.1920
After having dropped toward 1.1900 amid renewed dollar strength in the early European session, GBP/USD has staged a rebound. The near-term technical outlook, however, doesn't yet point to a bullish tilt and sellers could take action if the pair falls below 1.1920. The negative shift witnessed in risk sentiment helped the dollar gather strength on Friday. EUR/USD's sharp drop after disappointing data provided an additional boost to the greenback and caused GBP/USD to turn south. Read more...
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