Pound Sterling Price News and Forecast: GBP/USD grinds near intraday high
GBP/USD licks UK inflation, Fed inflicted wounds around mid-1.2000s as US Dollar retreats
GBP/USD seesaws around the intraday high of 1.2044 as it pares the previous day’s heavy losses during sluggish early hours of trading on Thursday. That said, the Cable pair dropped the most in a fortnight the previous day after the UK data poured cold water on the face of Bank of England (BoE) hawks. Also drowning the quote were upbeat US data that propelled the bets of higher Federal Reserve (Fed) interest rates.
In addition to the lack of major data/events, the risk-positive headlines from China and fears surrounding the US debt ceiling also seemed to have helped the GBP/USD pair in trimming the latest losses. Read more…
GBP/USD Price Analysis: Braces for a bumpy road to south, 200-DMA in the spotlight
GBP/USD stays defensive around 1.2030, bouncing off the weekly low, as it licks the previous day’s wounds during early Thursday.
In doing so, the Cable pair rebounds from a six-week-old support line after falling the most in a fortnight. The recovery moves, however, remain elusive considering the quote’s sustained U-turn from the 50-DMA and the bearish MACD signals. Read more…