GBP/USD Forecast: BOE may compound the Fed and trigger greater downfall
The Brexit bonanza has proved short-lived – Pound bulls prematurely celebrated Prime Minister Boris Johnson's climbdown before the Federal Reserve sent the safe-haven dollar higher. Now it is the Bank of England's turn to move cable – and potentially tilt it lower.
PM Johnson agreed to compromise with the "rebels" in his Conservative Party by agreeing to more robust parliament oversight over the Internal Markets bill. This legislation – which is set to receive the House of Commons' approval next week – knowingly violated the Brexit accord with the EU. Read More...
GBP/USD bulls regain control and aim at 1.3040 and 1.3150
The GBP/USD is building a well balanced uptrend channel. The bulls took over control when price broke through the resistance zone (dotted orange) and 144 ema. But can they push price action up higher?
The GBP/USD have the upper hand at the moment. And they are expected to keep it. A break above the resistance Fractal (red box) confirms the uptrend continuation. The main target is the long-term moving average and 38.2% Fibonacci retracement level of the 4 hour chart at 1.3040. Read More...
GBP/USD refreshes session tops, still below 1.3000 mark as focus remains on BoE
The GBP/USD pair managed to recover the early lost ground and was last seen trading near the top end of its daily trading range, around the 1.2970-75 region.
The pair witnessed some selling through the first half of the trading action on Thursday and extended the previous day's retracement slide from the key 1.3000 psychological mark, or weekly tops. The US dollar added to the post-FOMC recovery move and got an additional boost from weaker global risk sentiment. This, in turn, was seen as a key factor exerting pressure on the GBP/USD pair. Read More...
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD holds on to intraday gains after upbeat US data
EUR/USD remains in positive ground on Friday, as profit-taking hit the US Dollar ahead of the weekend. Still, Powell's hawkish shift and upbeat United States data keeps the Greenback on the bullish path.
GBP/USD pressured near weekly lows
GBP/USD failed to retain UK data-inspired gains and trades near its weekly low of 1.2629 heading into the weekend. The US Dollar resumes its advance after correcting extreme overbought conditions against major rivals.
Gold stabilizes after bouncing off 100-day moving average
Gold trades little changed on Friday, holding steady in the $2,560s after making a slight recovery from the two-month lows reached on the previous day. A stronger US Dollar continues to put pressure on Gold since it is mainly priced and traded in the US currency.
Bitcoin to 100k or pullback to 78k?
Bitcoin and Ethereum showed a modest recovery on Friday following Thursday's downturn, yet momentum indicators suggest continuing the decline as signs of bull exhaustion emerge. Ripple is approaching a key resistance level, with a potential rejection likely leading to a decline ahead.
Week ahead: Preliminary November PMIs to catch the market’s attention
With the dust from the US elections slowly settling down, the week is about to reach its end and we have a look at what next week’s calendar has in store for the markets. On the monetary front, a number of policymakers from various central banks are scheduled to speak.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.