Pound Sterling Price News and Forecast: GBP/USD has retreated into the descending channel pattern
|GBP/USD Price Forecast: Trades near 1.2350 after rebounding from nine-month lows
The GBP/USD pair remains under pressure for the third consecutive session, hovering near 1.2360 during Thursday's Asian trading hours. Technical analysis of the daily chart highlights a prevailing bearish bias, with the pair falling back to the descending channel pattern.
The 14-day Relative Strength Index (RSI) approaches the 30 mark, signaling intensified bearish momentum. Additionally, the GBP/USD pair trades below the nine- and 14-day Exponential Moving Averages (EMAs), reflecting weak short-term price dynamics. Read more...
GBP/USD explores further downside as NFP looms ahead
GBP/USD sank nearly a full percent on Wednesday, falling away from the 1.2500 handle which is proving too difficult for Pound Sterling bidders to reclaim. The pair tested below 1.2350 briefly, and Cable is poised for a further dip into multi-month lows.
Meaningful economic data is absent on the UK side, a running theme for the first full trading week of 2025. Cable traders will remain exposed to broad-market flows into and out of the US Dollar as traders gear up for a hectic end to the week. A raft of speeches from Federal Reserve (Fed) policymakers await traders on Thursday, as well as Challenger Job Cuts for December, which will serve as the last punch of Nonfarm Payrolls (NFP) preview data before the bumper labor print on Friday. Read more...
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