GBP/USD Forecast: Sterling exits overbought conditions, ready to rally with some Fed fuel
GBP/USD has been retreating as the US dollar gains some ground. Britain’s progress against the virus and the Fed’s dovishness could push it to higher ground. Wednesday’s four-hour chart shows that cable is out of overbought conditions. Using the previous resistance line as support – a classic technical move that is good news for the bulls is now unfolding in GBP/USD. Before looking at the charts, it is essential to understand what fundamentals look like in cable. Read more…
GBP/USD Forecast: Increased bearish potential despite upbeat UK data
The GBP/USD pair fell on a daily basis, settling in the 1.4110 price zone. The pound enjoyed some temporal demand following the release of UK inflation figures. The official report showed that the April Consumer Price Index rose 1.5% YoY, surpassing the 1.4% expected and following a 0.7% advance in the previous month. Read more…
GBP/USD outlook: Cable loses traction as European stocks extend weakness
Cable is losing traction in European trading on Wednesday, failing to capitalize from upbeat April’s UK inflation figures. Pound faced strong headwinds at 1.4200 zones that was shown by long upper shadow of Tuesday’s daily candle. Drop of European equities on Wednesday weighed on risk sentiment and pushed the sterling lower, adding to signals that bulls are running out of steam. Read more…
