Pound Sterling Price News and Forecast: GBP/USD snaps two-day downtrend

FXStreet Team FXStreet

GBP/USD Price Analysis: Licks wounds near 11-week low with limited upside potential

GBP/USD consolidates the biggest weekly loss since November around 1.3235-40 during Monday’s Asian session. The pair dropped to the lowest levels in 11 weeks by the end of Friday but oversold RSI triggered the cable pair’s corrective pullback. However, a downward sloping trend line from February 23 and the 10-DMA, respectively around 1.3315 and 1.3355, test the rebound.

BP/USD Weekly Forecast: Downside remains compelling amid Russia-Ukraine war

GBP/USD accelerated its downside momentum in a busy Nonfarm Payrolls week, having reached the lowest level in three months below mid-1.3200s. Risk-aversion remained the underlying market theme, as Russian aggression in Ukraine failed to subside, despite two rounds of ‘peace talks’. Stagflation risks amid soaring oil prices will likely keep cable undermined in a relatively light week ahead, as investors remain on edge due to the ongoing Ukraine crisis.

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