Pound Sterling Price News and Forecast: GBP/USD turns vulnerable to retest multi-week lows [Video]


GBP/USD: Could the bulls break through the overhead supply around 1.3000? [Video]

As the rally kicked in early last week, the big question became whether the bulls could break through the overhead supply around 1.3000. The August lows between 1.2980/1.3050 have left significant resistance that now needs to be breached for the near term bounce to become a decisive bull move. Friday’s negative candle once more contained a key resistance forming around 1.3000. However, with the market ticking back higher once more today, it means that the next move on Cable could be crucial for the medium term outlook. After all the tests of the resistance, a move back into the 1.30s would be a positive signal for Cable. There was an initial slide back that rebounded from 1.2865 last week which is now initial support that takes on an increasingly important role in this phase of trading. A move back under 1.2865 would suggest the market rolling over again. Read More...

 

GBP/USD Outlook: Turns vulnerable to retest multi-week lows, around 1.2765-60 region

The GBP/USD pair extended last week's rejection slide from the key 1.3000 psychological mark and witnessed some aggressive selling during the early European session on Monday. The British pound was being weighed down by reports that the UK could be headed for another, a shorter national lockdown of two weeks to counter a resurgence in COVID-19 cases. The market worries overshadowed the EU Commission President Ursula von der Leyen's supportive comments last Thursday, saying that a trade deal between the EU and the UK was still possible.

Meanwhile, concerns about the second wave of coronavirus infections took its toll on the global risk sentiment. The anti-risk flow was evident from a selloff across the equity markets, which drove some heaven flows towards the US dollar and further contributed to the heavily offered tone surrounding the GBP/USD pair. The USD bulls seemed rather unaffected by concerns that the lack of additional fiscal stimulus measures could hinder the current US economic recovery and the risk-off mood-led sharp fall in the US Treasury bond yields. Read More...

GBPUSD

GBP/USD outlook: Cable extends lower after triple failure at 1.30 as UK government considers new lockdown

Cable keeps weak tone in early Monday, following triple failure at psychological 1.30 barrier last week.
Friday's action closed in red and within thick daily cloud, raising fears that probe above cloud was short-lived and reversal could be likely near-term scenario.
BOE's talks about negative rates weighs on pound, with the latest signals that the government considers the second national lockdown, as new Covid-19 cases rise sharply and the UK already has the biggest death toll in Europe.
The Britain is in the critical point in the pandemic and looking how to manage the situation ahead of very challenging winter period, as the economy has been already damaged, with new restrictions to further slowdown economic recovery process. Read More...

GBPUSD

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.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD under pressure under 1.1850 amid US election concern

EUR/USD is under some pressure below 1.1850 the anti-risk dollar is drawing haven bids on reports of meddling in US elections and fading prospects of an imminent US stimulus deal. US jobless claims are eyed.

EUR/USD News

GBP/USD drops below 1.31 amid negative rate talks

GBP/USD has slipped under 1.31 after BOE member Haldane reiterated the bank is studying negative rates. Earlier, the resumption of Brexit talks boosted the pound. Coronavirus measures and restrictions are eyed.

GBP/USD News

Gold off lows, still in the red around $1920 region

Gold traded with a mild negative bias through the early European session, albeit has managed to trim a part of its daily losses to the $1911-10 region.

Gold News

Forex Today: Foreign intervention in US elections weighs on mood, jobless claims, politics eyed

Concerns about foreign intervention in the US elections have weighed on the market mood, allowing the dollar to recover after Wednesday's losses. Intense Brexit talks resume in London, boosting the pound.

Read more

WTI Price Analysis: Recovery remains capped below 100-DMA

WTI (futures on NYMEX) is fading its recovery attempt in the European session this Thursday, as the risk-off sentiment dominates amid surging coronavirus cases in the Old continent and diminishing prospects of a US fiscal stimulus deal. 

Oil News

Forex MAJORS

Cryptocurrencies

Signatures