Pound Sterling Price News and Forecast: GBP/USD several dark clouds hang over sterling
|GBP/USD drifts back closer to 1.2700 mark, lacks follow-through
The GBP/USD pair refreshed daily lows during the early European session, albeit lacked any strong follow-through selling below the 1.2700 round-figure mark.
The pair failed to capitalize on its early uptick, instead met with some fresh supply near the 1.2755 region – just ahead of multi-week tops set on Tuesday. The latest leg of a sudden drop of over 50 pips lacked any obvious fundamental catalyst but followed Brexit-related news. The UK and EU are expected to provide statements on this week's post-Brexit talks later this Thursday. Read more...
GBP/USD: Several dark clouds hang over sterling
GBP/USD has been remarkably holding its gains and shrugging off headwinds but US and UK relations with China, Brexit and coronavirus figures among other themes all point lower, FXStreet's analyst Yohay Elam briefs.
Key quotes: "Chinese broadcasters discontinue showing Premier League matches across the world's second-largest economy. That is the latest move in deteriorating Sino-British relations, which are mostly around Hong Kong. Britain canceled its extradition treaty with the city-state – and former colony – after China tightened its grip there. The UK also announced it will be phasing out Huawei's 5G equipment." Read more...
GBP/USD stays firm and targets 1.2800 – UOB
Cable keeps the solid momentum unchanged and could attempt a breakout of the 1.2800 mark in the next weeks, suggested FX Strategists at UOB Group.
Key Quotes: 24-hour view: "Our expectation for GBP ‘to continue to strengthen' was incorrect as it dropped to 1.2644 before snapping back up. The rapid swings have resulted in a mixed outlook and for today, GBP is expected trade sideways within a 1.2670/1.2770 range." Read more...
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