Pound Sterling Price News and Forecast: GBP/USD sellers look to retain control despite improving risk mood
|GBP/USD Forecast: Sellers look to retain control despite improving risk mood
After rising above 1.2850 during the European trading hours on Tuesday, GBP/USD lost its traction and closed the day in negative territory. The pair moves sideways slightly below 1.2850 in the European session on Wednesday as investors refrain from taking large positions ahead of the Federal Reserve's (Fed) and the Bank of England's (BoE) monetary policy announcements.
The US Dollar (USD) held resilient against its rivals after the data from the US showed that the CB Consumer Confidence Index improved in July. Additionally, JOLTS Job Openings for June came in at 8.18 million, surpassing the market expectation of 8.03 million and further supporting the USD. Read more...
GBP/USD Price Analysis: Holds ground near 1.2850; next barrier at the upper boundary
GBP/USD retraces its recent losses, trading around 1.2840 during the Asian hours on Wednesday. The analysis of the daily chart indicates that the pair is positioned in the narrow section of a descending channel, suggesting a consolidation phase or a potential reversal.
The Moving Average Convergence Divergence (MACD), a momentum indicator, shows a weakening of bullish momentum as the MACD line is below the signal line but above the centreline. Additionally, the 14-day Relative Strength Index (RSI) sits slightly below the 50 level, suggesting a bearish bias. Read more...
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