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

GBP/USD to revisit the 2020 low near 1.1410 on a drop under 1.1740 .

GBP/USD is gradually approaching potential support at 1.1840/1.1740. A break below this region would clear the way towards the low carved out in 2020 near 1.1410, strategists at Société Générale report. Recent pivot high of 1.2670 must be overcome to affirm an extended rebound “The pair is drifting gradually towards potential support of 1.1840/1.1740, representingContinue reading “GBP/USD to revisit the 2020 low near 1.1410 on a drop under 1.1740 .”

GBP/USD to decline further over the medium-term.

The Bank of England (BoE) hiked its policy rate by “only” 25 bps, with three members voting for a larger move. The GBP weakened more than 1% against the USD in the immediate wake of the announcement, before it erased losses. Economists at HSBC expect a weaker GBP over the medium-term. The wording on guidanceContinue reading “GBP/USD to decline further over the medium-term.”

EUR/GBP: Support at 0.8530/11 to hold for a retest of key resistance at 0.8722/47.

EUR/GBP is set to hold support at 0.8530/11 for a retest and break above 0.8722/47. What’s more, analysts at Credit Suisse expect the pair to enjoy an eventual rise toward the “neckline” and the 2020 top at 0.8861/76. Broader basing process stays seen as underway .“We continue to view weakness as corrective. Above 0.8638/45 canContinue reading “EUR/GBP: Support at 0.8530/11 to hold for a retest of key resistance at 0.8722/47.”