Pound Sterling Price News and Forecast: GBPUSD loses ground after bulls got trapped above 1.20 barrier
|GBPUSD Price Analysis: Bears are sinking in their teeth and eye 1.1700 / 1.1650
GBPUSD was pressured on Wednesday as US Treasury yields moved higher and investors eyed hawkish comments from Federal Reserve officials. Meanwhile, the Pound came under pressure due to the UK government's latest budget. When marrying the technicals, there is a bearish outlook for Cable as illustrated at the daily chart.
Cable loses ground after bulls got trapped above 1.20 barrier
Cable was down almost two full figures from early European to early US session, as UK finance minister unveiled tough budget, which includes tax increases and tighter public spending, while downwardly revised projections warn of prolonged recession.
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