Pound Sterling Price News and Forecast: GBP/USD stays under sellers’ control despite pause [Video]
GBP/USD Forecast: Pound Sterling to face stiff resistance at 1.2450
Following a quiet Asian session, GBP/USD has turned north and climbed above 1.2400 in the early European trading hours on Tuesday. The pair’s near-term technical outlook highlights a build-up of bullish momentum, but buyers could find it difficult to clear the 1.2450 resistance.
The positive shift seen in risk sentiment following the long-weekend in the US doesn’t allow the US Dollar (USD) to extend its rally and helps GBP/USD stretch higher. The US Dollar Index, which tracks the USD’s performance against a basket of six major currencies, retreats toward 104.00 from the multi-month high it set above 104.50 earlier in the day. Read more…
GBP/USD stays under sellers’ control despite pause [Video]
GBPUSD opened the week on a neutral note, consolidating its bearish correction from a one-year high within the 1.2300 zone. According to the technical picture, the sideways move could be temporary within the bearish wave. The downfall below the 20- and 50-day simple moving averages (SMAs) and beneath the former 1.2445 ceiling could motivate more selling in the short term. Read more …
GBP/USD climbs to fresh daily high, around 1.2375 area amid subdued USD demand
The GBP/USD pair attracts some dip-buying near the 1.2325 region on Tuesday and turns positive for the third straight day, though remains confined well within a familiar trading band held over the past week or so. The pair currently placed near the top end of its daily range, around the 1.2375 region and is supported by a combination of factors.
Investors remain anxious over the possibility of further monetary policy tightening by the UK central bank, bolstered by stronger-than-expected consumer inflation figures released last week. This, in turn, is seen underpinning the British Pound (GBP) and acting as a tailwind for the GBP/USD pair amid subdued US Dollar (USD) price action. Read more…