Pound Sterling Price News and Forecast: GBP/USD buyers await a break above 1.2100

GBP/USD Price Analysis: Snaps two-day uptrend as 200-day EMA probes buyers

GBP/USD renews its intraday low near 1.2070 during the first loss-making day in three, despite the market’s inaction during early Monday.

In doing so, the Cable pair takes a U-turn from the 200-day Exponential Moving Average (EMA) to recall the bears. Also keeping the GBP/USD sellers hopeful are the bearish MACD signals,

It’s worth noting, however, that a one-month-old ascending support line, close to 1.2020 by the press time, restricts short-term GBP/USD downside. Read more…

GBP/USD Forecast: Buyers await a break above 1.2100

GBP/USD has lost its traction and started to edge lower on Monday after having closed the last trading day of 2022 marginally higher. The technical picture points to a slightly bearish outlook in the short term but the pair’s action is likely to remain subdued with major global stock and bond markets remaining closed in observance of the New Year holiday.

Over the weekend, data from China revealed that the business activity in the manufacturing sector contracted at its strongest pace in December in nearly three years with the NBS Manufacturing PMI dropping to 47. Additionally, the Non-Manufacturing PMI plunged to 41.6 from 46.7 in November, missing the market expectation of 51.4 by a wide margin. Read more…

GBP/USD retreats to 1.2050 in quiet session

GBP/USD stretched lower to the 1.2050 area in the early European morning after having spent the Asian session moving sideways in a very tight range slightly below 1.2100.

Markets seem to have turned cautious on the first trading day of 2023 but trading volumes remain thin with the observance of the New Year holiday in major economies. Investors grow increasingly concerned over the impact of the surging number of coronavirus cases in China on the global economic activity as the country stays on the reopening path. Read more…