Pound Sterling Price News and Forecast: GBP/USD bounces off three-month low – Bearish bias holds [Video]
|GBP/USD Forecast: Path of least resistance remains down, 200-day SMA holds the key
The GBP/USD pair meets with a fresh supply on Tuesday and slips back below the 1.2500 psychological mark during the early European session, reversing a major part of the previous day's modest gains. Following the overnight sharp fall, the US Dollar (USD) attracts some dip-buying and turns out to be a key factor exerting some pressure on the major. In fact, the USD Index (DXY), which tracks the Greenback against a basket of currencies, now seems to have stalled its retracement slide from a six-month peak touched last Friday and remains supported by the prospects for further policy tightening by the Federal Reserve (Fed).
The US central bank is widely expected to pause its rate-hiking cycle in September, though the markets are still pricing in the possibility of one more 25 bps lift-off by the end of this year. The bets were reaffirmed by the upbeat US macro data released last week, which pointed to a resilient economy. Read more...
GBP/USD bounces off three-month low – Bearish bias holds [Video]
GBPUSD has been forming a structure of lower highs and lower lows since its 15-month peak of 1.3141. Despite the latest rebound from a three-month low, the short-term oscillators are pointing to further downside as both the RSI and MACD are well within their negative territories. Read more...
GBP/USD consolidates its losses above the 1.2500 mark following UK labor data
The GBP/USD pair consolidates its recent losses above the 1.2500 area during the early European trading hours on Tuesday. The major pair currently trades near 1.2515, up 0.04% on the day.
The latest data UK’s Office for National Statistics revealed that the UK Unemployment Rate in the three months to July came in at 4.3% from 4.2% in the previous reading, in line with the market consensus. Meanwhile, Employment Change for July declined by 207K from a 66K drop in the previous reading, worse than the estimated 185K drop. Read more...
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