GBP/USD advances to over one-week high, trades above mid-1.2900s on weaker USD
The GBP/USD pair builds on this week's goodish rebound from sub-1.2800 levels and gains some follow-through positive traction for the third successive day on Thursday. Spot prices jump to over a one-week high during the Asian session and currently trade around the 1.2965 region, up just over 0.20% for the day.
The US Dollar (USD) is seen prolonging its retracement slide from a two-week high touched on Tuesday and turning out to be a key factor acting as a tailwind for the GBP/USD pair. Despite the fact that the Federal Reserve (Fed) left the door open for one more rate hike in September or November, consensus that the US central bank is nearing the end of its current policy tightening cycle drag the Greenback lower for the third straight day. Read more…
GBP/USD Price Analysis: Cable bulls brace for a bumpy road ahead, 1.3010 appears crucial hurdle
GBP/USD bulls take a breather after a two-day uptrend, making rounds to the weekly top surrounding 1.2960 amid the early hours of Thursday’s Asian session. In doing so, the Cable pair portrays the market’s cautious mood ahead of the top-tier data/events, as well as portrays consolidation ahead of the key upside hurdles.
It’s worth noting, however, that the bullish MACD signals and the upbeat RSI (14) line, now overbought, join the GBP/USD pair’s upside break of the 50-SMA to favor the pair buyers. Read more…
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