Economists at Scotiabank expect the pair to suffer a susbtantial drop to 1.1860 on failure to hold the above the low-1.19s.
Technical undertone for GBP/USD is bearish.“The GBP is tracking a little softer on the short-term charts and the technical undertone for GBP/USD is bearish. But the Pound is still trading above recent lows and key (longer term) support defined by the convergence of the 100 and 200-day MA signals at 1.1930/35.”
“Scope for GBP gains is limited (firm resistance at 1.2140/50 now) and loss of support in the low 1.19s will target a quick drop to major support at 1.1860 (Jan low).”
EUR/USD recovers above 1.0600 ahead of US data
EUR/USD has staged a modest rebound and climbed above 1.0600. The positive shift witnessed in risk mood ahead of the Q4 GDP and the weekly Initial Jobless Claims data from the US seems to be limiting the US Dollar’s upside and allowing the pair to gain traction.
EUR/USD News
GBP/USD holds above 1.2000 following earlier decline
GBP/USD seems to have stabilized above 1.2000 following the decline witnessed in the early European session on Thursday. Hawkish comments from BoE’s Mann and improving market mood help the pair limit its losses as investors await key data releases from the US.
GBP/USD News
Gold retreats below $1,830 as US yields edge higher
Gold price has lost its recovery momentum and declined below $1,830 heading into the American session. Ahead of the US data releases, the benchmark 10-year US Treasury bond yield stays in positive territory near 3.95%, not allowing XAU/USD to regain its traction.
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