GBP/USD holds a bullish bias but the momentum is weak [Video]
GBPUSD returned back above the medium-term uptrend line after the fall below the 23.6% Fibonacci retracement level of the upward wave from 1.0325 to 1.2450 at 1.2050. Currently, the price is losing some momentum, confirmed by the technical oscillators. The MACD is moving sideways near the zero level, while the RSI is sloping down near the 50 neutral threshold of 50.
Failure to remain above the ascending line could send the price down to the 200-day simple moving average (SMA) at 1.2000, which has been a challenging point over the last two weeks. Lower, support could next be found around the 50-day SMA, which is moving near the 23.6% Fibonacci at 1.2050, while a decisive close below the 1.1900 round number could stage a steeper sell-off. Read more...
GBP/USD Forecast: Bulls are likely to remain interested as long as 1.2140 holds
GBP/USD has staged a technical correction and declined toward 1.2150 after having reached its highest level in nearly three weeks at 1.2212 on Monday. The pair's bullish bias stays intact early Tuesday but near-term gains could remain limited unless the market mood improves.
The broad-based selling pressure surrounding the US Dollar on Monday allowed GBP/USD to build on Friday's gains. After the data from the US showed softening price pressures in the service sector alongside a lower-than-expected increase in wage inflation, markets started to price in a 25 basis points Fed rate hike in February, triggering a US Dollar selloff. Read more...
GBP/USD remains depressed near mid-1.2100s amid modest USD strength, ahead of Fed’s Powell
The GBP/USD pair edges lower on Tuesday and snaps a two-day winning streak to a nearly three-week high touched the previous day. The pair remains on the defensive through the first half of the European session and is currently flirting with the daily low, around mid-1.2100s.
A combination of factors assists the US Dollar to stage a modest recovery from a seven-month low set on Monday, which, in turn, is seen exerting some downward pressure on the GBP/USD pair. A goodish pickup in the US Treasury bond yields, along with a softer risk tone, help revive demand for the safe-haven greenback. Read more...
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