GBP/USD Forecast: Sellers struggle to take control
GBP/USD turned south and fell over 0.5% on the day on Wednesday after reaching its highest level since March 2022 at 1.3266 on Tuesday. The pair finds it difficult to regain its traction early Thursday but it manages to limit its losses.
In the absence of high-tier data releases, the risk-averse market atmosphere helped the US Dollar (USD) gather strength on Wednesday, triggering an overdue correction in GBP/USD. The USD Index, which tracks the USD’s performance against a basket of six major currencies, rose 0.5% on the day. Read more…
GBP/USD Elliott Wave technical analysis [Video]
The GBPUSD pair currently demonstrates a bullish trend, as identified through Elliott Wave analysis on the daily chart. The market is in an impulsive phase, reflecting a strong movement aligned with the broader trend. The main structure under observation is gray wave 1, indicating the initiation of a new wave sequence within the overarching trend.
The market’s present position is within orange wave 3, implying that the third wave of the orange degree is underway. This follows the conclusion of orange wave 2, which signals the end of the corrective phase and the continuation of the next impulsive wave. Read more…
GBP/USD Price Forecast: Battles key 1.3210 resistance on the road to recovery
GBP/USD is making a headway back toward the 29-month high set on Tuesday at 1.3266. The pair is helped by a renewed selling seen in the US Dollar even as risk-off flows dominate, in the aftermath of the disappointing guidance shared by the American AI titan, Nvidia.
The divergent monetary policy outlooks between the US Federal Reserve (Fed) and the Bank of England (BoE) also remain in favor of the GBP/USD uptrend. Read more…
Source: https://www.fxstreet.com/news/pound-sterling-price-news-and-forecast-gbp-usd-sellers-struggle-to-take-control-202408291131