GBP/USD bulls hit a wall, support nearby [Video]
GBPUSD flatlined around the familiar 1.2720 resistance region, which was last tested at the end of August, after three constructive bullish weeks. The area also overlaps with the 61.8% Fibonacci retracement of the July-October downleg. Read more…
GBP/USD Forecast: Sellers could take action if 1.2600 support fails
GBP/USD continued to edge lower toward 1.2600 early Tuesday after closing the first trading day of the week deep in negative territory. While investors await important macroeconomic data releases from the US, the pair’s technical outlook points to a bearish tilt in the short term.
The US Dollar (USD) capitalized on safe haven flows on Monday and caused GBP/USD to stretch lower in the American trading hours. Meanwhile, the steady recovery seen in the US Treasury bond yields following the previous week’s sharp slide provided an additional boost to the currency. Read more…
GBP/USD remains vulnerable, with key support at 1.2600 under pressure
The Pound is trading lower on Tuesday, weighed by negative market sentiment and a somewhat stronger USD with bears looking at the 1.2600 support area. Beyond that, UK interest rate swaps have boosted speculation that the BoE might start cutting interest rates in June 2025, which is giving further hope for Pound sellers.
In the calendar today, the final of the UK Global/CIPS Services PMI and, in the US, the ISM Services PMI and October’s JOLTS Job Openings will provide the fundamental framework. The technical picture shows the pair losing bullish momentum with price action crossing below the 4h 50 SMA aiming to 1.2600. A clear move here would trigger a double-top at 1.2730 increasing pressure towards 1.2517 ahead of the measured target, at 1.2460. Read more…
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