Pound Sterling poised to resume downtrend, despite ‘morning star’ formation

The Pound Sterling is experiencing slight losses against the US Dollar, largely due to the influence of high US Treasury yields that are bolstering the Greenback. This trend was fueled by the release of economic data, which showed that Durable Goods exceeded expectations, leading to a surge in US yields and a favorable environment for the USD. The GBP/USD is currently trading at 1.2444, reflecting a 0.04% decrease. Read More…

The Pound Sterling (GBP) turns sideways around 1.2450 against the US Dollar (USD) in Wednesday’s early American session after bouncing back strongly from a five-month low at around 1.2300. The GBP/USD pair struggles for a direction as the US Dollar consolidates after a steep correction on Tuesday. The US Dollar Index (DXY), which measures the US Dollar’s value against six major currencies, attempts to establish a firm footing near 105.70. Also, uncertainty over the BoE’s rate-cut timing has paused recovery in the Pound Sterling. Read More…

GBP/USD has been on the rise for the second consecutive day, trading around 1.2450 in Asian trading on Wednesday. However, the pair is still below the pullback resistance at 1.2518, which coincides with the lower boundary of the descending triangle at 1.2510. Furthermore, the 14-day Relative Strength Index (RSI) is below the 50 level, indicating a bearish sentiment. Read More…