Pound Sterling stages a rebound in the European trading hours on Tuesday [Video]

FXStreet Team FXStreet

GBP/USD may see support soon from inflection area [Video]

Short term Elliott Wave view in GBP/USD suggests that decline from 3.8.2024 high is unfoldings an impulse Elliott Wave structure. Down from 3.8.2024 high, wave (i) ended at 1.2745 and wave (ii) rally ended at 1.2823. Wave (iii) lower ended at 1.273 and wave (iv) ended at 1.2747. Final leg wave (v) ended at 1.2667 which completed wave ((i)). From there, pair rallied as a zigzag. Wave (a) ended at 1.2733 and wave (b) ended at 1.268. Wave (c) higher ended at 1.28 which completed wave ((ii)). Pair then resumed lower in wave ((iii)).

Down from wave ((ii)), wave (i) ended at 1.276 and wave (ii) ended at 1.278. Wave (iii) lower ended at 1.265, wave (iv) ended at 1.267 and wave (v) ended at 1.257. This completed wave ((iii)) in higher degree. Wave ((iv)) unfolded as a triangle and ended at 1.2645. Pair resumed lower afterwards. Down from wave ((iv)), wave i ended at 1.261 and wave ii ended at 1.264. Expect pair to extend two more lows to end wave (i) of ((v)). As far as pivot at 1.267 high stays intact, expect rally to fail in 3, 7, 11 swing for further downside. Read more...

GBP/USD Forecast: 1.2590 could cap Pound Sterling's rebound

GBP/USD broke below 1.2600 in the American session on Monday and touched its weakest level in seven weeks below 1.2550. The pair stages a rebound in the European trading hours on Tuesday but it could find it difficult to clear the strong 1.2590 resistance.

Renewed US Dollar (USD) strength after the ISM Manufacturing PMI arrived at its highest level since September 2022 at 50.3 on Monday weighed heavily on GBP/USD. Moreover, the Prices Paid Index, the inflation component of the PMI survey, rose to 55.8 in March from 52.5 in February, highlighting a strengthening input inflation and further supporting the USD. Read more...

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FXStreet

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