GBP/USD steady above 1.3700 despite broad-US dollar strength
GBP/USD hovers around 1.3709 as the European session closes. BoE’s hawkishness boosts the prospects of the British pound. US Durable Good Orders in August expanded 1.8%, more than July’s 0.5%. Chicago’s Fed President Evans commented that the US economy is close to meeting the Fed’s bar for bond tapering. After closing in the back foot on the last week, the GBP/USD is recovering, trading at 1.3704 up 0.12% at the time of writing. Read more...
GBP/USD analysis: Finds support in 1.3660
At mid-day on Friday, the GBP/USD started to find support in the 1.3660 level. On Monday, the rate bounced off the support level and began a surge. The surge passed the resistance of the 55, 100 and weekly simple pivot points from 1.3675 to 1.3690. Next target for the surge was the 200-hour simple moving average near 1.3720. In the case that the resistance of the 200-hour SMA fails to push the rate down, the pair would aim at the resistance of the 1.3750 mark and the weekly simple pivot point at 1.3759. Read more...
GBP/USD Forecast: Petrol problems pound the pound, BOE and upbeat mood could turn it up
GBP/USD has been under pressure as a petrol shortage threatens the UK. BOE hawkishness, optimism about Evergrande and US data could turn the pair around. Monday's four-hour chart is painting a mixed picture. Running dry – the UK Petrol Retailers Association has said 50-90% of stations are running dry in some areas, and the crisis may derail the recovery. Calls to avoid panic-stocking have only served to highlight the issue and to trigger long lines at pumps. Read more...
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