GBP/USD refreshes session tops, eyeing a move beyond 1.2900 mark
The GBP/USD pair refreshed daily tops during the early European session, with bulls making a fresh attempt to build on the momentum beyond the 1.2900 mark.
The pair managed to attract some dip-buying ahead of the 1.2800 round-figure mark and turned positive for the second consecutive session on Tuesday. The uptick was supported by a pickup in demand for the British pound and the prevalent selling bias around the US dollar.
Sentiment surrounding the sterling turned positive despite the passage of the UK government's controversial bill, designed to override parts of the Brexit Withdrawal Agreement (BWA) with the EU. MPs will now begin detailed scrutiny of the bill on Tuesday. Read more...
GBP/USD: Time for a fresh dive
The GBP/USD pair is trading near daily highs just below the 1.29 level, up 0.36% on the day, but Tuesday's 4-hour chart is pointing to further falls as the upswing looks like a corrective move, according to FXStreet's analyst Yohay Elam.
Key quotes: "The downtrend continues – with the latest upswing looking like a necessary correction before the next dive. The Relative Strength Index on the 4-hour chart has risen above 30, exiting oversold conditions and allowing for more falls. The 50 Simple Moving Average is extending its downfall after crossing below the 100 and 200 SMAs, and momentum remains negative." Read more...
GBP/USD to surge to 1.40 by September-2021 – UBS
Economists at UBS advise to hold their nerve on UK assets despite the heightened concerns over the final stages of the Brexit process as the political and economic incentives point to an agreement eventually being reached. This outlook supports UK assets.
Key quotes: "We are positive on the medium-term outlook for sterling, both against the US dollar and against the euro. In line with this view, we are not hedging sterling risk for UK assets held in international portfolios. By September of next year we expect sterling to rise to USD 1.40, against 1.29 at present." Read more...
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action.
GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday
GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance.
Gold reaches to all-time highs near $2,230, US PCE eyed
Gold price appreciates to all-time highs near $2,230 per troy ounce, attempting to continue its winning streak for the fifth successive session on Friday. However, trading volumes are light as market participants are likely observing Good Friday.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.