GBP/USD Forecast: Pound Sterling trades dangerously close to key support area
Following a two-day recovery, GBP/USD turned south on Monday and lost 0.5% on the day. The pair struggles to gather recovery momentum early Tuesday and trades slightly below 1.3000.
Markets adopted a cautious stance at the beginning of the week amid escalating geopolitical tensions in the Middle East, allowing the US Dollar (USD) to benefit from safe-haven demand. At the time of press, US stock index futures were down between 0.4% and 0.6%. Read more...
GBP/USD outlook: Bears look for push though daily cloud base after consolidation
Cable is holding in extended consolidation around cracked psychological 1.30 support as larger bears are taking a breather for consolidation above key supports.
Near-term price action holds within daily Ichimoku cloud (spanned between 1.3063 and 1.2965) with consolidation range being capped by cloud top and falling 10DMA, which adds to bearish bias. Negative momentum remains strong on daily chart and Tenkan/Kijun-sen diverged after creating bear-cross, maintaining downside pressure. Read more...
GBP/USD Elliott Wave double three correction in progress [Video]
After forming the low on September 26, 2022 low, GBP/USD shows an incomplete higher high bullish sequence. This suggests the right side is higher and dips therefore should see support in 3, 7, or 11 swing. The pair is currently correcting cycle from 10.4.2023 low. Internal subdivision of the correction is unfolding as a double three Elliott Wave structure. Down from September 26, 2024 peak, wave W ended at 1.3089 and wave X ended at 1.3175 as 1 hour chart below shows.
Pair has resumed lower in wave Y with internal subdivision as a double three in lesser degree. Down from wave X, wave (a) ended at 1.3019. Wave (b) rally ended at 1.31 and wave (c) lower ended at 1.297. This completed wave ((w)) in higher degree. Bounce in wave ((x)) ended at 1.307 with internal subdivision as zigzag. Up from wave ((w)), wave (a) ended at 1.302 and wave (b) ended at 1.297. Wave (c) higher ended at 1.307 which completed wave ((x)). Read more...
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