GBP/USD analysis: Revealed ascending channel
Yesterday, the GBP/USD exchange rate revealed a medium-term ascending channel. During Wednesday morning, the rate reversed north from the lower channel line.
From a theoretical point of view, it is likely that some upside potential could prevail in the market in the nearest future.
In the meantime, note that the currency pair would have to exceed the resistance area formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.3070/1.3090 area. Read More...
GBP/USD Forecast: Selling opportunity? UK past could have been worse, future looks bleak
When a crash of a fifth in output is considered "better than expected" – there is reason to worry. The UK economy shrank by 20.4% in the second quarter of 2020, better than -20.5% projected. Year-over year, output fell by 21.7%, also above estimates.
Perhaps the truly encouraging figure is June's monthly rebound of 8.7%, not only topping forecasts but showing that Britain's gradual reopening also bears economic fruits. That recovery, accompanied by hopes that the uptrend continues in July and beyond, pushed the pound higher. Read More...
GBP/USD reverses early dip, flat-lined around mid-1.3000s
The GBP/USD pair edged higher during the early European session and refreshed daily tops, around the 1.3067 region in the last hour, albeit lacked any strong follow-through.
Following the previous day's intraday pullback of around 90 pips and a subsequent dip to weekly lows, the pair managed to attract some dip-buying and was being supported by a combination of factors. The British pound found some support following the release of better-than-expected UK GDP report, which showed that the economy expanded by 8.7% in June as against consensus estimates pointing to a growth of 8%. Read More...
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