GBP/USD Price Analysis: The key contention level is seen at 1.2600–1.2610 zone
The GBP/USD pair consolidates within a narrow trading range of 1.2600–1.2645 during the early European trading hours on Monday. The Bank of England (BoE) governor, Sarah Breeden said last week that the central bank has shifted from tightening rates to thinking about when they might come down as the recent falls in UK inflation have changed the BoE’s outlook. Traders prefer to wait on the sidelines ahead of the UK labor market data on Tuesday. At press time, GBP/USD is trading at 1.2630, gaining 0.01% on the day.
Technically, GBP/USD maintains the bearish outlook unchanged as the pair is below the 100-period Exponential Moving Average (EMA) on the four-hour chart. It’s worth noting that the Relative Strength Index (RSI) hovers around the 50 midlines, indicating the non-directional action of the pair. Read more...
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GBP/USD trades with modest intraday gains, remains below mid-1.2600s
The GBP/USD pair attracts some buying during the Asian session on Monday, albeit lacks follow-through and remains below mid-1.2600s, or the top end of a multi-day-old trading range.
The US Dollar (USD) continues with its struggle to gain any meaningful traction in the wake of the uncertainty over the Federal Reserve’s (Fed) rate-cut path. Apart from this, the underlying bullish sentiment surrounding the global equity markets is seen as another factor undermining the safe-haven Greenback and lending some support to the GBP/USD pair. Read more...
GBP/USD Weekly Forecast: Pound Sterling set to extend its slide
The Pound Sterling (GBP) extended its losing streak against the US Dollar (USD) into a fourth straight week, keeping GBP/USD undermined near two-month troughs.
It was all about the market’s pricing of the US Federal Reserve (Fed) interest rate cut expectations following the stellar January Nonfarm Payrolls (NFP) report, which kept the US Dollar broadly elevated. Read more...
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