GBP/USD Forecast: No signs of a steady Pound Sterling recovery
After losing 0.5% on Thursday, GBP/USD continued to push lower in the Asian session on Friday and touched its lowest level since May near 1.2550. The pair seems to have turned technically oversold but recovery attempts could remain short-lived in the near term.
The persistent US Dollar (USD) strength weighed on GBP/USD during the American trading hours on Thursday. The US Department of Labor reported that the weekly Initial Jobless Claims declined to 213,000 from 219,000, boosting the USD. Additionally, Federal Reserve Bank of Chicago President Austan Goolsbee said that it may make sense to slow the pace of interest rate cuts as they get close to where rates will settle, further supporting the currency. Read more...
GBP/USD is approaching support zone [Video]
Short Term Elliott Wave View in GBPUSD suggests decline from 9.26.2024 high is in progress as a zigzag structure. Down from 9.26.2024 high, wave A ended at 1.284. Wave B bounce ended at 1.3047 as the 1 hour chart below shows. Wave C lower is now in progress with internal subdivision as a 5 waves impulse Elliott Wave structure. Down from wave B, wave ((i)) ended at 1.283 and wave ((ii)) ended at 1.3. Pair then resumed lower in wave ((iii)). Down from wave ((ii)), wave (i) ended at 1.294 and rally in wave (ii) ended at 1.3. Read more...
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