GBP/USD Price Forecast: Targets 1.3500 barrier near moving averages
GBP/USD rebounds from the daily losses, trading around 1.3450 during the Asian hours on Monday. The technical analysis of the daily chart indicates an ongoing bearish bias, as the pair trades within a descending channel pattern.
The 14-day Relative Strength Index (RSI), a momentum indicator, is at 40 points to sustained bearish pressure without oversold conditions, suggesting sellers retain control but lack capitulation extremes. The near-term bias is mildly bearish as spot holds below the nine-day Exponential Moving Average (EMA) and slides toward the flatter 50-day average, indicating fading upside momentum. Read more…
GBP/USD Weekly Forecast: Pound tests 1.3450 support ahead of key US jobs data
The Pound Sterling (GBP) entered a bearish consolidation phase against the US Dollar (USD), after having tested critical support near the 1.3450 level on several occasions. GBP/USD hovered close to the monthly lows of 1.3434 reached a week ago, closing almost unchanged on a weekly basis. The listless performance in the major could be attributed to the USD’s subdued trading action and a largely risk-averse market environment.
Despite lingering geopolitical risks surrounding the United States (US) and Iran over the nuclear program, the Greenback failed to capitalize on the safe-haven flows as US President Donald Trump’s erratic trade policy outweighed those concerns. The US Supreme Court last Friday rejected Trump’s emergency tariffs, prompting the President to announce a new 10% rate on the rest of the world, only to then lift it to 15%. The move rekindled market concerns over a highly uncertain and volatile environment, acting as a headwind for the US assets, including the USD. Read more…
