GBP/USD renews bullish outlook [Video]
GBPUSD opened the week with mild gains, expanding its NFP rally above June’s peak and to a fresh 15-month high of 1.2912 early on Tuesday. There is room for further development, as the technical indicators maintain a clear positive trajectory. Yet, with the RSI and the stochastic oscillator prodding their overbought levels, the bullish wave could soon take a breather. Read more …
GBP/USD outlook: Bulls crack strong barriers en-route to 1.30 barrier
GBPUSD continues to trend higher and probed above 1.2900 barrier in early Tuesday, after cracking strong resistances at 1.2884/93 (200WMA / monthly cloud base). Sterling received fresh boost from UK labor data which showed the highest wage growth on record (three months to May 7.3% vs 7.1% f/c), adding pressure on BoE, though signal was tempered by unexpected jump in Britain’s unemployment (May 4.0% vs 3.8% Apr / f/c), pointing to cooling labor market.
Pound hit new 2023 high and the highest since Apr 2022 on Tuesday morning, contributing to bullish signal on Monday’s close above former annual high at 1.2848. Bullish daily studies underpin the action, with close above 200WMA to generate strong bullish signal for push towards psychological 1.30 barrier, however overbought conditions may slow bulls. Read more …
GBP/USD Forecast: Pound Sterling could face stiff resistance at 1.29
GBP/USD extended its rally to the highest level since April 2022 above 1.2910 early Tuesday. Although the broad-based selling pressure surrounding the US Dollar (USD) allows the pair to hold its ground, the negative shift seen in risk mood and the mixed jobs report from the UK could limit the upside.
Annual wage inflation in the UK, as measured by the Average Earnings Excluding Bonus, held steady at 7.3% in three months to May, the UK’s Office for National Statistics reported on Tuesday. The Unemployment Rate, however, edged higher to 4% and the Claimant Count Change arrived at +25.7K, revealing loosening conditions in the labor market. Read more ….
Source: https://www.fxstreet.com/news/pound-sterling-price-news-and-forecast-gbp-usd-bulls-crack-strong-barriers-en-route-to-130-barrier-video-202307111103