GBP/USD outlook: Pound extends weakness on signals of new COVID-19 restrictions
Cable lost traction and fell to new December’s low in December, coming under fresh pressure on reports that new Covid rules in the UK are imminent.
Media reports suggest that PM Johnson could introduce new restrictions to curb the spread of new Omicron variant, with new measures to be implemented as early as tomorrow.
This would further weaken the pound ahead of highly anticipated BoE policy meeting next week. Read more...
GBP/USD analysis: Tests support zone
The GBP/USD currency exchange rate has been finding support in the 1.3195/1.3210 zone. However, the rate had retraced up to the resistance of the 100-hour simple moving average and the weekly simple moving average near 1.3265, before the second decline to the support zone.
In the case that the pair passes the support zone of 1.3195/1.3210, the GBP/USD might look for support in the weekly S1 simple pivot point at 1.3167. Further below, note the 1.3100 mark and the weekly S2 simple pivot point at 1.3093. Read more...
GBP/USD Forecast: Bearish potential intact, further decline remains on the cards
The GBP/USD pair struggled to capitalize on the overnight bounce from the 1.3210-1.3200 support area and witnessed a subdued/range-bound price action through the early European session on Wednesday. A combination of factors continued acting as a headwind for the British pound and capped the upside for the major. However, a modest US dollar weakness held back bearish traders from placing aggressive bets and limited the downside, at least for the time being. Read more...
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