GBP/USD Price Analysis: Pullback from 1.2110 resistance confluence lures Cable bears
GBP/USD holds lower ground near the intraday bottom surrounding 1.2010, picking up bids of late, as bears keep the reins during early Wednesday. In doing so, the Cable pair justifies the previous day’s pullback from an important resistance, as well as the looming bear cross on the MACD.
While the failure to cross the 1.2110 hurdle, comprising 200-Exponential Moving Average (EMA) and a one-month-old downward-sloping resistance line, keeps the GBP/USD bears hopeful, a clear break of the 1.2100 threshold becomes necessary for the seller’s conviction. Read more…
GBP/USD marches towards 1.2030 amid upbeat technical details, Brexit, BoE’s Bailey eyed
GBP/USD picks up bids to reverse the previous day’s pullback from the 50-DMA, around 1.2035 during the initial hours of Wednesday’s Asian session. The Cable pair rose to the highest levels in a week earlier on Tuesday before reversing from 1.2143 as optimism surrounding the Brexit deal and the pair’s strength from softer US data faded as the key March month begins.
Although UK PM Rishi Sunak has already signaled that he will move forward without the Democratic Unionist Party’s (DUP) support for Brexit deal, if they turn down his efforts, the fears of witnessing political drag on the key success weighed on the GBP/USD prices on Tuesday. “The framework is what we have agreed with the European Union”, said UK’s Sunak during the BBC interview when asked whether he would impose the new deal without the backing of Northern Ireland’s DUP. Read more…
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