GBP/USD Forecast: Friday falling ahead of Super Saturday, as US COVID-19 worries dominate
Brits will be celebrating this Fourth of July – not due to sympathy with their former colony rebelling and eventually overtaking them as an empire – but as they return to the pubs. UK Prime Minister Boris Johnson's latest round of easing includes the reopening of bars after over three months. Leicester, the midlands city which is experiencing a new COVID-19 outbreak, is excluded.
Grant Shapps, the UK transport minister, also announced that quarantine rules will be relaxed for 50 countries. Will tourists come to the UK? That may begin with a small drip, at least at first. Read More...
GBP/USD analysis: Revealed medium-term channel
Yesterday, the GBP/USD exchange rate revealed corrected medium-term descending channel. During Friday morning, the rate was testing the 55-hour SMA near 1.2460.
From a theoretical point of view, it is likely that some downside potential could prevail in the market. In this case the currency pair could decline to the psychological level at 1.2350. Read More...
GBP/USD: Nudging into OBOS territory – FXStreet Signals
Since the June 10th high, the GBP/USD has been swinging along descending channel lines, proving opportunity to buy and sell these boundaries in combination with overbought and oversold conditions.
The general expectation we have is for a short-term dip into the 1.2405 area, which could flip polarity to become support. If broken, an intermediate line could defend further downside (currently at 1.2320 and descending). Prices have to drop with some momentum towards these areas to ignite a reaction to be traded upon, otherwise, a dull descending structure will do more damage and we would have to wait for a dip all way down to the 1.2200 area. Read More...
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