Pound Sterling Price News and Forecast: Could GBPUSD drop to the 1.1156 level?
|GBPUSD outlook: Consolidation likely to precede push towards 1.20 target
Cable is consolidating under new multi-week high (1.1854) reinforced by cracked Fibo 76.4% of 1.2293/1.0348 (1.1834), where last week’s strong rally faced headwinds.
Bulls remain firmly in play despite overextended daily studies, boosted by weekly bullish engulfing pattern, pressuring 1.1834 Fibo pivot, break of which would open way for attack at psychological 1.20 barrier.
Converged 5/100DMA’s are about to form bull-cross (1.1655) and offer good support which should protect the downside and keep focus at the upside. Read more...
Could GBPUSD drop to the 1.1156 level?
The uptrend may be expected to continue, while market is trading above support level 1.1612, which will be followed by reaching resistance level 1.1965 and if it keeps on moving up above that level, we may expect the market to reach resistance level 1.2306.
An downtrend will start as soon, as the market drops below support level 1.1612, which will be followed by moving down to support level 1.1156. Read more...
GBPUSD Forecast: Pound Sterling looks for support before next leg higher
GBPUSD has staged a correction and declined below 1.1800 during the Asian trading hours on Monday with investors taking a step back and reassessing the market situation following last week's risk rally. The pair seems to have found interim support at 1.1750 and the technical outlook suggests that buyers look to dominate the pair's action in the near term.
Commenting on the market reaction to the soft October Consumer Price Index data, Federal Reserve Governor Christopher Waller pushed back against optimism by saying that markets were "way out in front." Waller added that the 7.7% annual CPI was still "enormous." Meanwhile, "If I can do one thing for the public, I would say: stop thinking about pace and start thinking about level," San Francisco Federal Reserve Bank President Mary Daly told the Financial Times (FT). Read more...
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