GBP/USD gearing towards a retest of last week’s low at 1.0925 .

GBP/USD has declined to weekly lows. In the view of economists, the pair is set to retest last week’s low at 1.0925.Closing above 1.11 will be positive.“GBP/USD has been flirting with minor trend support (1.1260, now resistance) over the past couple of sessions and weakness below that trend now is yielding some significant declines in the short-term chart.”

“Holding above 1.11 on the close will be positive – but, after a couple of failures in the upper 1.14s, the main risk for the pound appears to a gearing towards a retest of last week’s low at 1.0925.”

GBP/USD tumbles towards 1.1100 amid dismal UK data, politics

GBP/USD is nearing 1.1100 as the US dollar accelerates its bullish traction alongside Treasury yields and a risk-off mood. Investors assess dismal UK Retail Sales and the BOE rate hike expectations in the face of looming political uncertainty.

GBP/USD News 

EUR/USD bounces on Fed’s speculation

The EUR/USD pair bounced nicely from around 0.9700 amid speculation the US Federal Reserve will debate smaller rate increases starting in December. Stocks reversed early losses ahead of the opening, putting some pressure on the USD.

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Gold eyes $1,615 and $1,607 amid a down week

Gold price is on track for the second straight weekly loss amid surging Treasury yields. The US dollar jumps back into the game on risk-aversion and aggressive Fed rate hike bets. XAU/USD’s path of least resistance remains to the downside, with eyes on $1,607.

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