GBP/USD consolidates the recovery above 1.2200 ahead of US data
GBP/USD is moving back and forth in a 20-pips range in the European session, defending minor bids just above the 1.2200 level.
The recovery attempt in the pair could be attributed to a broad pullback in the US dollar vs. its main rivals from the highest level in two decades just shy of the 105.00 mark.
The positive shift in risk sentiment, in the wake of Shanghai reopening news, is boding ill for the safe-haven dollar. Although the further upside in cable remains elusive, thanks to the ongoing rally in the US Treasury yields across the curve. Read more…
GBP/USD Forecast: Pound needs to clear 1.2250 to stretch recovery
GBP/USD has gone into a consolidation phase slightly above 1.2200 early Friday with the improving market mood keeping the dollar’s gains in check. The pair, however, faces stiff resistance at 1.2250 and it might find it difficult to gather bullish momentum in case that level stays intact.
The disappointing data releases from the UK and Brexit jitters weighed on the British pound on Thursday. On the other hand, the risk-averse market environment and hawkish Fed commentary provided a boost to the greenback, causing the pair to slump to its weakest level in two years at 1.2165. Read more…
GBP/USD needs to clear the 1.2250 hurdle to extend its recovery
GBP/USD has stabilized above 1.22. The pair, however, faces stiff resistance at 1.2250 and it might find it difficult to gather bullish momentum in case that level stays intact, FXStreet’s Eren Sengezer reports.
“The University of Michigan’s preliminary Consumer Sentiment Index for May will be featured in the US economic docket. If the upbeat market mood remains intact after this data, the US Dollar Index could extend its downward correction and help GBP/USD edge higher.” Read more…