June 7, 2023

GBP/USD bears lurking below critical dynamic support

GBP/USD Forecast: Pound to weaken further if buyers fail to defend 1.3500

GBP/USD has registered impressive gains in the last two weeks of the year but bulls seem to have lost interest on the first trading day of 2022. The pair has already tested 1.3500 once, and the bearish pressure could increase in case buyers stop defending that level. The number of confirmed coronavirus cases in the UK continues to rise at an unprecedented pace. Although the British government refrained from imposing new restrictions before the New Year, widespread staff absences are weighing on economic activity, especially in the service sector. Read more…

GBP/USD bears lurking below critical dynamic support, eyes on 1.34 the figure

GBP/USD has started out the week on the backfoot. The pair is currently down some 0.44% but off the lows of the day located at 1.3430. The price has recovered to near 1.3470 after falling from 1.3535 earlier on the day. There are prospects of a deeper run towards 1.34 the figure for the sessions ahead although a run on 1.35 the figure and nearby liquidity are still on the table for the meantime. This is illustrated below under technical analysis. Read more…

Weekly technical and trading outlook – GBP/USD

GBP/USD – 1.3528. Cable continued its recent winning streak last week, price met renewed buying at 1.3389 (Mon) n ratcheted higher to 1.3521 Thur n then hit a 6-week peak of 1.3550 due partly to cross-buying in sterling Fri. On the bigger picture, despite cable’s brief break of 2016 post-Brexit low of 1.1491 to a near 35-year trough of 1.1412 in mid-Mar 2020 on safe-haven USD’s demand following free fall in global stocks, price rallied to 1.3686 on the last trading day of 2020 following a last-minute EU-UK trade deal, then to a near 34-month, 1.4241 peak in late Feb suggests a major low is made. Despite hitting a 3-year peak of 1.4250 on Jun 01, selloff to as low as 1.3162 in Dec signals long-awaited correction has occurred. Having said that, cable’s impressive rally to as high as 1.3550 last Fri confirms temporary low is made n daily close abv 1.3578 may head to 1.3708 but 1.3706 (50% r) should cap upside. Read more…

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