GBP/USD Forecast: Pound Sterling is yet to pull away from 200-day SMA
After fluctuating wildly in the second half of the previous week, GBP/USD seems to have stabilized above 1.2500 at the beginning of the new week. The near-term technical outlook fails to offer directional clues, while the pair struggles to pull away from the 200-day Simple Moving Average (SMA), currently located at 1.2540.
The dovish tone seen in the Bank of England's (BoE) policy statement following the decision to maintain the bank rate at 5.25% on Thursday made it difficult for Pound Sterling to find demand. The US Dollar (USD) selloff that was triggered by disappointing US data later in the day, however, helped GBP/USD find support and allowed the pair to rise above 1.2500. Read more...
GBP/USD Elliott Wave technical analysis [Video]
The daily chart for the British Pound versus the U.S. Dollar (GBP/USD) reveals a trend-following Elliott Wave pattern, providing insights into the directional movement of the market. Read more...
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