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GBP/USD Weekly Forecast: Eyes 21 DMA on a technical rebound ahead of critical US, UK events
GBP/USD put an end to its three-week losing streak and staged a strong comeback from roughly four-decade lows of 1.1405. The US dollar correction and economic stimulus measures unveiled by the new UK PM Liz Truss saved the day for cable bulls. Will the rebound extend into a big week ahead? Read more…
GBP/USD Forecast: Bulls to retain control as long as 1.1600 holds
GBP/USD has gathered bullish momentum following Thursday’s indecisive action and advanced to its strongest level in over a week above 1.1600. The pair remains on track to snap a three-week losing streak and additional recovery gains could be witnessed as long as buyers continue to defend 1.1600. During the European trading hours on Thursday, GBP/USD gained traction after British Prime Minister Liz Truss announced that they will introduce a two-year “energy price guarantee.” Truss explained that a typical household will pay no more than £2,500 a year on energy bills, translating into an annual saving of roughly £1,000 based on October prices. Read more…
GBP/USD jumps to near two-week high, closer to mid-1.1600s amid notable USD selling
The GBP/USD pair gains strong positive traction on Friday and continues scaling higher through the early part of the European session. The momentum lifts spot prices to a one-and-half-week high, closer to mid-1.1600s, and is sponsored by the heavily offered tone surrounding the US dollar. A goodish recovery in the risk sentiment – as depicted by a positive tone around the equity markets – drags the safe-haven buck further away from a two-decade high touched earlier this week. In fact, the key USD Index, which measures the greenback’s performance against a basket of currencies, dives to a fresh monthly low and turns out to be a key factor behind the GBP/USD pair’s intraday momentum to the upside. Read more…