GBP/USD Forecast: Buyers remain hesitant as key resistance stays intact
GBP/USD has snapped a five-day losing streak on Wednesday but has been having a difficult time making a decisive move in either direction early Thursday. Although the near-term technical outlook points to a neutral bias, the pair's failure to clear the 1.3160 resistance could be seen as a bearish sign.
The selling pressure surrounding the greenback allowed GBP/USD to edge higher on Wednesday but the negative shift witnessed in risk sentiment in the second half of the day forced the pair to turn south. The latest headlines surrounding the Russia-Ukraine conflict suggested that sides were not as close to finding a diplomatic solution as officials' comments suggested following Tuesday's negotiations. Read more...
GBP/USD sticks to modest intraday gains, lacks follow-through beyond mid-1.3100s
The emergence of some USD selling during the early European session pushed the GBP/USD pair back closer to the mid-1.3100s in the last hour, though the uptick lacked bullish conviction.
Following the previous day's pullback from the 1.3180-1.3185 region, the GBP/USD pair attracted some buying near the 1.3110 area on Thursday and turned positive for the third successive day. The US dollar languished near the two-week low amid the ongoing retracement slide and was seen as a key factor that extended some support to the GBP/USD pair. Read more...
GBP/USD contained in low 1.3100s ahead of US data, 21DMA continues to act as resistance
Amid a lack of fresh UK fundamental developments to drive any independent movements in sterling, and as US dollar markets consolidate ahead of key US data releases as market participants monitor geopolitical developments, GBP/USD is trading subdued in the low-1.3100s. At current levels in the 1.3120s, the pair trades flat and well within this week’s approximate 1.3050-1.3200 ranges. Notably, the 21-Day Moving Average continues to act as a barrier to further progress for the pair, suggesting the near-term technical bias remains tilted to the downside. Read more...
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