GBP/USD Price Analysis: Thursday’s bearish pin bar keeps sellers hopeful below 1.2500
GBP/USD takes rounds to 1.2470 amid Friday’s Asian session. The Cable turned south from over one-week top the previous day, which in turn portrayed a bearish pin bar candlestick formation on the daily chart. Also favoring the sellers is the pair’s sustained trading below 21-day SMA and MACD signals.
Hence, the quote is likely to revisit June 29 top surrounding 1.2390 during the fresh downside. However, the last month’s low close to 1.2252 could restrict further weakness.
GBP/USD Forecast: Mounting Brexit tensions could hit the Pound
The GBP/USD pair hit a fresh weekly high of 1.2529 but trimmed intraday gains ahead of the close, trading flat for the day at around 1.2460. The UK didn’t publish macroeconomic data, leaving the pair in the hands of sentiment. News, however, came from the Brexit front, as European Commission President Ursula von der Leyen commented on the latest developments. According to her words, the EU and the UK are still quite far apart from reaching an agreement, adding that the EU will not accept Brexit agreement at any price and that the EU will have to prepare for other possible exit strategies on Brexit.
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