GBP/USD Price Analysis: Cable sellers approach 1.2800 on bearish Pennant confirmation
GBP/USD sellers prod intraday low of around 1.2810 heading into Monday’s London open, printing the first daily loss in five at the highest levels in 14 months.
In doing so, the Cable pair justifies the downside break of a bearish pennant chart formation amid downbeat signals from the MACD and the RSI (14) technical indicators. Read more...
GBP/USD hovers near its highest level since April 2022, remains below mid-1.2800s
The GBP/USD pair gains some positive traction for the fourth successive day on Monday and trades just below mid-1.2800s, near its highest level since April 2022 during the Asian session.
The British Pound (GBP) continues with its relative outperformance in the wake of expectations that the Bank of England (BoE) will continue with its policy tightening to stop inflation expectations from becoming entrenched. In fact, the BoE is universally anticipated to hike the benchmark rates by 25 bps on Thursday, to 4.75% or the highest since April 2008. Moreover, the markets are pricing in the possibility of a bigger, 50 bps lift-off, which, along with subdued US Dollar price action, acts as a tailwind for 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 consolidates gains near 1.0750 after German inflation data
![EUR/USD consolidates gains near 1.0750 after German inflation data](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/EURUSD/money-59004818_XtraSmall.jpg)
EUR/USD stays in positive territory at around 1.0750 in the second half of the day on Monday. The data from Germany showed that the annual CPI inflation declined to 2.2% in June, limiting the Euro's gains. Investors await US Manufacturing PMI data.
GBP/USD holds above 1.2650 ahead of US data
![GBP/USD holds above 1.2650 ahead of US data](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/GBPUSD/iStock-472155766_XtraSmall.jpg)
Following a bullish opening to the week, GBP/USD struggles to preserve its bullish momentum and trades in a tight range above 1.2650. The ISM Manufacturing PMI data for June will be featured in the US economic calendar on Monday.
Gold stabilizes above $2,330 as markets await US data
![Gold stabilizes above $2,330 as markets await US data](https://editorial.fxstreet.com/images/Markets/Commodities/Metals/Gold/stacks-of-gold-bars-19033163_XtraSmall.jpg)
Gold clings to modest daily gains and fluctuates above $2,330 on the first trading day of the week. The benchmark 10-year US Treasury bond yield stays near 4.4% following last week's rally, limiting XAU/USD's upside ahead of US data.
Bitcoin is breaking above the falling wedge
![Bitcoin is breaking above the falling wedge](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/cryptocurrenciesusd_XtraSmall.jpg)
Bitcoin breaking above the falling wedge pattern on Monday signals a bullish move, with Ethereum and Ripple poised to follow as they find support at key levels, paving the way for an upside rally in the days ahead.
Significant month for US stock markets and currencies
![Significant month for US stock markets and currencies](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/EURUSD/money-for-the-table-with-figures-gm118451521-10951870_XtraSmall.jpg)
This month sees important time cycles across a range of instruments suggesting that we are at a major pivot point. In this video we look at the significant turning point coming out very shortly on the S&P 500 that will also impact the other US indices.