GBP/USD: Break above 1.4203 to clear the way for a retest of key highs at 1.4238/49 – Credit Suisse
GBP/USD weakness has again been well supported. Above 1.4203, cable can ease the threat of a fresh setback for a retest of the 1.4238/49 highs, analysts at Credit Suisse report.
“Weakness in GBP/USD following another bearish ‘outside day’ has yet again been well supported just below the 1.4082 recent low, never mind the ‘neckline’ to the March/May base at 1.4017/06. The subsequent strong recovery reinforces in our view the likelihood that recent ranging and weakness remains a temporary phase before the core trend turns higher again.” Read more...
GBP/USD hangs near session lows, around mid-1.4100s
The GBP/USD pair retreated around 30 pips from intraday swing highs and was last seen hovering near the lower end of its intraday trading range, just above mid-1.4100s.
The pair struggled to capitalize on the previous day's strong bounce of over 100 pips from four-week lows, around the 1.4075-70 region and witnessed a subdued/range-bound price action on Friday. Worries that the UK may delay its plans to end restrictions fully on June 21 in light of the spread of the so-called Delta variant. This, along with mostly disappointing UK macro data, acted as a headwind for the British pound and capped gains for the GBP/USD pair. Read more...
GBP/USD refreshes session lows, around 1.4130 region amid notable USD strength
The GBP/USD pair extended its steady intraday descent through the early North American session and dropped to fresh daily lows, around the 1.4140-35 region in the last hour.
The pair struggled to capitalize on the previous day's solid bounce of over 100 pips from the 1.4075-70 region, or four-week lows and once again failed ahead of the 1.4200 mark. Investors remain worried that the UK may delay its plans to end restrictions fully on June 21 in light of the spread of the so-called Delta variant. Apart from this, the EU-UK collision over Norther Ireland protocol acted as a headwind for the British pound and prompted some fresh selling around the GBP/USD pair. Read more...
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