Pound Sterling Price News and Forecast: GBP/USD tests its seven-month low at 1.2487

FXStreet Team FXStreet

GBP/USD Price Forecast: Tests seven-month lows below 1.2500

GBP/USD continues to lose ground for the third consecutive day, trading around 1.2490 during the Asian hours on Friday. The daily chart analysis suggests an ongoing bearish bias as the pair is confined within the descending channel pattern.

However, the 14-day Relative Strength Index (RSI) falls to near the 30 level, suggesting a strengthening of a bearish bias. A decisive break below the 30 mark would indicate an oversold situation and a potential for an upward correction soon. Read more...

GBP/USD tumbles near 1.2500 breakdown as US data boosts USD

The GBP/USD extended its losses during the North American session, with sellers targeting a break below 1.2500. Cable is losing over 0.48% or 60 pips on the day. At the time of writing, the pair hovers near 1.2500.

US data released ahead of the New York open hinted that the labor market remains solid and the economy is expanding. Initial Jobless Claims for the week ending December 14 fell from 242K to 220K, below forecasts of 230K. Read more...

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