Pound Sterling Price News and Forecast: GBP/USD buyers hesitate as key resistance holds
|GBP/USD Forecast: Pound Sterling buyers hesitate as key resistance holds
GBP/USD gathered recovery momentum and gained more than 0.3% on Monday, snapping a two-day losing streak. The pair holds steady near 1.2700 in the European session on Tuesday and technical buyers could look to retain control once this level is confirmed as support.
The improving risk mood at the beginning of the week caused the US Dollar (USD) to lose interest. The mixed action seen in major US equity indexes in the American session, however, made it difficult for GBP/USD to stretch higher on Monday. Read more...
GBP/USD Forecast: Pound Sterling needs to clear 1.2700 to attract buyers
Following Thursday's sharp decline, GBP/USD stretched lower and touched its weakest level since mid-May near 1.2620 on Friday. After ending the week in negative territory, GBP/USD stages a correction and trades above 1.2650 on Monday.
The US Dollar (USD) gathered strength heading into the weekend after the preliminary S&P Global Manufacturing and Services PMI for June showed that the business activity in the US private sector continued to expand at a robust pace. Read more...
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