Pound Sterling Price News and Forecast: GBP/USD bears take a breather after sharp three-day fall [Video]
|GBP/USD outlook: Bears take a breather after sharp three-day fall
Cable is holding within a narrow consolidation in early Wednesday’s trading as bears started to run out of steam after steep fall (down 1.85%) in past three days.
Tuesday’s break and close well below pivotal supports at 1.2846 (Fibo 76.4% of 1.2664/1.3434 / former base) and 1.2817 (200DMA) generated strong bearish signal. Markets await release of US inflation data for October (due later today) for fresh signals that keeps the pair in a quiet mode this morning. Read more...
GBP/USD Elliott Wave technical analysis [Video]
The Elliott Wave analysis for the GBPUSD daily chart from Trading Lounge highlights a bearish trend in the currency pair, driven by an impulsive wave structure. The current analysis identifies navy blue wave 1 as ongoing, signaling a continuation of the downward momentum within the broader bearish framework.
Currently positioned in gray wave 1, this impulsive movement suggests further price declines as the wave structure develops. The unfolding of navy blue wave 1 underscores the likelihood of sustained bearish pressure on GBPUSD, consistent with the broader trend direction. Read more...
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.