GBP/USD Forecast: Pound Sterling recovers above key technical level
After ending the previous week on a bearish note, GBP/USD gains traction and rises to the 1.2650 area in the European morning on Monday. Preliminary December Manufacturing and Services PMI data from the UK and the US will be watched closely by market participants.
The disappointing monthly Gross Domestic Product (GDP), Industrial and Manufacturing Production data from the UK caused Pound Sterling to come under renewed selling pressure on Friday. Early Monday, the improving risk sentiment helps GBP/USD edge higher. Read more...
GBP/USD Elliott Wave technical analysis [Video]
The GBPUSD daily chart indicates a dominant bearish trend based on Elliott Wave analysis. The wave mode is impulsive, reflecting strong downward momentum in the market. The ongoing wave structure is Orange Wave 3, currently unfolding within Navy Blue Wave 3. This scenario supports a continued bearish outlook, with expectations of further price declines. Read more...
GBP/USD Weekly Forecast: Pound Sterling braces for volatility in final full week of 2024
It was a mixed week for GBP/USD traders. In the early part of the week, the Pound Sterling defended the previous week’s upswing only to surrender into persistent USD demand in the second half. A hawkish shift in the expectations of the US Federal Reserve’s (Fed) future interest rate path and the sustained advance in US Treasury bond yields kept the Greenback’s bullish undertone alive throughout the week.
At the start of the week, the US Dollar picked up fresh haven demand as renewed geopolitical tensions emerged in the Middle East and amid China’s economic worries. This stalled the GBP/USD recovery at 1.2800. The sudden collapse of Syria's government occurred over the weekend after Syrian rebels seized the capital, Damascus, ousting President Bashar al-Assad, who fled to Russia with his family seeking asylum. The toppling of Assad’s government ended a 13-year civil war and raised concerns over the political stability in the region. Read more...
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