GBP/USD Price Analysis: Extends its downside above the 1.2100 mark amid the risk-off mood
GBP/USD remains under selling pressure below the mid-1.2100s during the early European session on Thursday. A rise in the US Treasury bond yields and the escalating geopolitical tension between Israel and Hamas boost the US Dollar (USD) demand and exert some selling pressure on the GBP/USD pair. The major currently trades near 1.2123, losing 0.14% on the day.
From the technical perspective, GBP/USD holds below the 50- and 100-hour Exponential Moving Averages (EMAs) on the four-hour chart, which means further downside looks favorable. Furthermore, the Relative Strength Index (RSI) holds below 50 in the bearish territory, which supports the sellers for the time being. Read more...
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GBP/USD hangs near weekly low, below mid-1.2100s; looks to Fed’s Powell for fresh impetus
The GBP/USD pair struggles to gain any meaningful traction on Thursday and oscillates in a narrow band, below mid-1.2100s during the Asian session. Spot prices flirt with the lower end of a one-week-old trading range, awaiting a fresh catalyst before the next leg of a directional move.
The British Pound (GBP) continues with its relative underperformance in the wake of the uncertainty over the next policy move by the Bank of England (BoE), which, in turn, is seen as a key factor acting as a headwind for the GBP/USD pair. The latest UK consumer inflation figures released on Wednesday showed that the headline CPI remained steady at 6.7% in September against expectations for a modest dip to 6.6%, riving bets for a potential BoE rate hike in November. The UK Office for National Statistics (ONS), meanwhile, reported earlier this week that wage growth moderated slightly in the three months to August, which might allow the BoE to hold interest rates at their current level. Read more...
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