GBP/USD Forecast: Pound on track to renew multi-month lows

GBP/USD has started to edge lower after having closed the previous day virtually unchanged slightly below 1.3100. The technical outlook shows that the pair’s bearish bias stays intact in the near term.

Following Wednesday’s Fed-inspired rally, the greenback lost its strength during the first half of the day on Thursday. Hawkish comments from FOMC policymakers, however, allowed the dollar to regain its traction later in the day and didn’t allow GBP/USD to rebound. Read more…

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GBP/USD Elliott Wave : Forecasting the short term path

In this technical blog we’re going to take a quick look at the Elliott Wave charts of GBPUSD. The pair has given us nice trading opportunity recently. We have been selling the rallies at 1.3298-1.3348 area as explained in previous article on GBPUSD. Reasons for calling further weakness in pair are bearish sequences in the cycle from the June 1st 2021 peak. We recommended members to avoid buying and keep selling rallies in 3,7,11 swings when get a chance. In further text we are going to explain the Elliott Wave Forecast. Read more…

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GBP/USD Forecast: A drop below 1.3050 to attract pound bears

GBP/USD has extended its slide into a fifth straight day on Thursday after having failed to reclaim 1.3100. The pair remains bearish in the short term and sellers could take action in case 1.3050 support fails.

The unabated dollar strength is forcing GBP/USD to stay on the back foot this week. Although the British pound stays relatively resilient against the greenback amid the sharp decline witnessed in EUR/GBP, the hawkish Fed policy outlook doesn’t allow GBP/USD to gain traction. Read more…

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This article was originally published by Fxstreet.com.Read the original article here.

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