GBP/USD Forecast: Sellers remain interested as Pound Sterling struggles to clear 1.2700
GBP/USD benefited from the selling pressure surrounding the US Dollar (USD) in the second half of the day on Monday and registered modest gains. The pair, however, finds it difficult to hold above 1.2700 and the technical outlook suggests that the bearish bias remains unchanged in the near term.
The positive shift seen in risk mood caused the USD to weaken against its major rivals in the American session on Monday. The Nasdaq Composite gained more than 1% and the S&P 500 rose nearly 0.8%. Read more...
GBP/USD Forecast: Pound Sterling could test 1.2640 next
GBP/USD declined sharply on Friday and closed the previous week in negative territory. The pair struggles to gain traction on Monday and trades modestly lower on the day below 1.2700 in the European session.
The broad-based US Dollar (USD) strength weighed on GBP/USD in the second half of last week. Although soft inflation data from the US revived expectations for a Federal Reserve (Fed) rate cut in September, the negative shift seen in risk mood helped the USD outperform its rivals. Read more...
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