The Pound Sterling (GBP) could edge lower; any decline is likely limited to a test 1.3050.
The Pound Sterling could edge lower; any decline is likely limited to a test 1.3050. In the longer run, price action suggests further GBP weakness; the next major support at 1.3000 may not come into view so soon, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note. Next major support at 1.3000 may not come into view 24-HOUR VIEW: “We expected GBP to trade in a sideways range of 1.3080/1.3180 yesterday. However, it edged lower to 1.3060, closing down by 0.29% at 1.3085.
Today, GBP could continue to edge lower, but given the mild momentum, any decline is likely limited to a test of 1.3050. The major support at 1.3000 is unlikely to come into view. Resistance is at 1.3105; a breach of 1.3135 would mean that the current mild downward pressure has faded.” 1-3 WEEKS VIEW: “We continue to hold the same view as yesterday . As indicated, although the recent price action suggests further GBP weakness, conditions are oversold, and the next major support at 1.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
GBP/USD sticks to intraday gains, remains below mid-1.3100s amid modest USD uptickThe GBP/USD pair attracts some dip-buying during the Asian session on Monday and climbs back closer to mid-1.3100s in the last hour, though a combination of factors might cap any further gains.
Read more »
GBP/USD Price Forecast: Drops below 1.3100 as Fed large rate cut odds waneThe GBP/USD begins the North American session down by over 0.30% on Monday as traders trim the chances of a 50-basis point Fed interest rate cut in ten days.
Read more »
GBP/USD falls to near 1.3050 due to less likelihood of an aggressive Fed rate cutGBP/USD extends its losing streak for the third successive day, trading around 1.3060 during the Asian session on Tuesday.
Read more »
GBP/USD: Bears may push towards 1.3035The Pound Sterling (GBP) is expected to continue weaken, potentially to 1.3035.
Read more »
GBP/USD: GBP trades marginally higherThe Pound Sterling (GBP) has crept a little higher over the course of the trading day so far.
Read more »
GBP/USD Price Forecast: Retreats below 1.3100 as traders eye key US CPI dataThe GBP/USD is on the backfoot after spiking to a daily high of 1.3107 after a solid UK jobs report, though it has retreated below the 1.31 handle as traders await the release of US inflation data.
Read more »