GBP/USD Price Analysis: Rises back above the 1.2200 mark, supported by 50-DMA
GBP/USD's bull run stalls at a long-ended descending trendline originating from the 1.3768 mark on a daily timeframe. This bullish surge is driven by broad-based US Dollar weakness amid falling US Treasury yields. Additionally, increasing expectations for the Bank of England (BoE) to pause at their upcoming meeting also support the bullish momentum for Cable.
With the bullish bias intact, a convincing break above the trendline could propel the pair toward the twice-tested 2023 high. Downside declines are likely to be limited by the 50-Day Moving Average (DMA), situated below the previous day's low at around the 1.2146 level. A convincing break below this level would likely lead the pair to confront the 21-DMA at the 1.2016 level. Read more...
GBP/USD resists welcoming bears above 1.2200, UK inflation, Brexit vote and Fed eyed
GBP/USD stays defensive around 1.2220-10 as the Cable bears struggle to keep the reins after entering the ring for the first time in four days. Also challenging the quote could be the market’s cautious mood ahead of the key data/events as the Federal Reserve (Fed) decision data begins.
The Cable pair’s latest losses could be linked to the improvement in the market’s sentiment and a rebound in the US Treasury bond yields that allowed the US Dollar to pro recent south-run at the five-week low. Read more...
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