GBP/USD: Resistance awaits at 1.3070 after containing a move below the uptrend support
The GBP/USD pair is flat-lined around mid-1.3000s as Wednesday's 4-hour chart is painting a mixed picture. Yohay Elam, an analyst at FXStreet, sees first resistance at 1.3070 while notes that the cable held above uptrend support.
Key quotes: "GBP/USD continues suffering from downside momentum on the 4-hour chart, and trades below the 50 Simple Moving Average. On the other hand, it survived a dip below uptrend support, showing some strength." Read more...
GBP/USD: The deck is stacked against cable
UK past could have been worse but the bleak labor market prospects and dollar's haven flows point to falls, according to FXStreet's analyst Yohay Elam. GBP/USD is flat, trading just below the 1.3050 level.
Key quotes: "The UK economy shrank by 20.4% in the second quarter of 2020, better than -20.5% projected. YoY, output fell by 21.7%, also above estimates. Perhaps the truly encouraging figure is June's monthly rebound of 8.7%, not only topping forecasts but showing that Britain's gradual reopening also bears economic fruits. That recovery, accompanied by hopes that the uptrend continues in July and beyond, pushed the pound higher." Read more...
GBP/USD reverses early dip, flat-lined around mid-1.3000s
The GBP/USD pair edged higher during the early European session and refreshed daily tops, around the 1.3067 region in the last hour, albeit lacked any strong follow-through.
Following the previous day's intraday pullback of around 90 pips and a subsequent dip to weekly lows, the pair managed to attract some dip-buying and was being supported by a combination of factors. The British pound found some support following the release of better-than-expected UK GDP report, which showed that the economy expanded by 8.7% in June as against consensus estimates pointing to a growth of 8%. Read more...
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