GBP/USD Price Analysis: Plummets to over two-week low, seems vulnerable to slide further.

GBP/USD witnessed aggressive selling on Friday and dived to over a two-week low.

Technical selling below the 1.2100 mark aggravated the intraday bearish pressure.

Descending trend-channel breakdown supports prospects for a further near-term fall. The GBP/USD pair added to its heavy intraday losses and tumbled to over a two-week low, around the 1.2030 region heading into the North American session.

The prospects for more aggressive Fed rate hikes, along with growing recession fears, boosted demand for the safe-haven US dollar and prompted fresh selling around the GBP/USD pair on Friday. This marked the third day of a sharp fall in the previous four and took along some short-term trading stops placed near the 1.2100 mark.

The subsequent decline below a two-week-old descending trend-channel support confirmed a fresh bearish breakdown and supports prospects for a further near-term depreciating move. The negative outlook is reinforced by the fact that bearish technical indicators on the daily chart are still away from being in the oversold territory.

EUR/USD retreats below 1.0450 as dollar gathers strength

Following a short-lasting recovery attempt after mixed inflation data from the euro area, the EUR/USD pair turned south and declined below 1.0450. The broad-based dollar strength ahead of the ISM Manufacturing PMI weighs heavily on the pair. 

EUR/USD News 

GBP/USD drops two fresh multi-week lows below 1.2050

GBP/USD has extended its slide and declined below 1.2050 during the European session on Friday. Ahead of the ISM Manufacturing PMI data from the US, the US Dollar Index clings to gains above 105.00, forcing the pair to stay on the back foot.

GBP/USD News 

Gold falls to weakest level since January below $1,790

Gold prolonged this week’s bearish trend and witnessed heavy follow-through selling on Friday, marking the fifth successive day of a negative move. Ahead of US data releases, XAU/USD touched its lowest level since late January below $1,790.

Gold News 

Bitcoin Weekly Forecast: This support level can define BTC’s fate

Bitcoin price has finished the first half of 2022 and things are not looking good. With record negative returns, BTC is likely to continue heading lower, especially if one particular support level is breached.