GBP/USD outlook: Weaker than expected UK Retail Sales add to pound's bearish stance
Cable holds in red and extends steep fall into fourth straight day, on track for the biggest weekly fall since the second week of June 2020.
Sterling weakened on Brexit tensions and delayed lift of Covid restrictive measure and came under increased pressure on hawkish Fed that lifted dollar, while today’s weaker than expected UK retail sales data added to negative signal. Read more...
GBP/USD: Trading recommendations
GBP/USD maintains positive long-term momentum, trading in the zone above the long-term support level of 1.3660. Corrective decline may continue up to support levels 1.3790, 1.3660.
A breakdown of the resistance level of 1.3970 could be a signal to close short positions in GBP/USD. In case of consolidation in this zone (above the level of 1.3970) and further growth of GBP/USD, long positions should be resumed and increased. Read more...
GBP/USD Forecast: Recovery from the Fed? Only a dead-cat bounce for Delta-depressed pound
When will "Freddom Day" come? That is a question many Brits are asking themselves after the government postponed the lifting of the last restrictions to July 19 – but reportedly considers bringing it forward to July 5. However, such hopes will likely be dashed.
Over 11,000 new COVID-19 cases were reported on Thursday in Britain, the highest since mid-February. The rapid spread of the Delta variant triggered the postponement and also pushed the government to offer vaccines to all those 18 and older. 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.