GBP/USD Navigates a Sea of Uncertainty Amid BoE Rate Hike Speculation and Robust USD
The GBP/USD currency pair is trading near a multi-month low, constrained by BoE rate hike prospects and a strong U.S. Dollar. Key technical resistance and support levels are identified at 1.2630 and 1.2530 respectively. The market awaits cues from BoE’s Policy Hearings and U.S. ISM PMI, as looming recession risks temper bullish sentiments.
GBP/USD Sees Volatility Amid Mixed US and UK Economic Indicators
The GBP/USD pair is experiencing volatility amid conflicting economic indicators. While US Nonfarm Payrolls exceeded forecasts, the UK’s Manufacturing PMI showed contraction. The market anticipates the Federal Reserve to pause rate hikes, contrasting with the Bank of England’s tightening signals. Downside risk exists with strong support at 1.2545, as per UOB analysts.
GBP/USD Analysis: Key Levels and Outlook for Traders
GBP/USD analysis from Société Générale and Scotiabank provides valuable insights for traders. While Société Générale highlights key support levels and the potential for an extended uptrend, Scotiabank emphasizes the GBP’s rebound and resistance levels. By combining these perspectives and taking actionable steps, traders can make informed decisions and navigate the GBP/USD market more effectively.
GBP/USD Approaches 11-Month High Below 1.2600 Ahead of Fed and US NFP
GBP/USD pair is currently on an uptrend, supported by positive news on Brexit, upbeat inflation clues, and hopes of higher Bank of England rates. However, looming fears of the US debt ceiling expiration and recession woes may challenge the US Dollar bulls. Therefore, we recommend a buy signal for the GBP/USD pair with an entry price of around 1.2570, a take profit level of 1.2665, and a stop loss level of 1.2515. Traders are advised to implement proper risk management strategies and monitor the market closely for any potential changes.
GBP/USD Rally May Have Peaked, Eurozone’s Outlook & USD Weakness
Sterling’s surge to pre-Covid-19 highs against the U.S. dollar Wednesday, when GBP/USD hit 1.3268 according to FactSet, may not happen again, says ABN Amro. The Dutch bank expects GBP/USD to fall as investors switch to a greater focus on Brexit uncertainty and weaker U.K. data, combined with a less negative sentiment towards the dollar, says […]
GBP/USD NZD/USD Failed to break Key Resistance Levels, AUD/NZD downtrend
The absence of any update following informal U.K.-EU trade talks at a Tuesday dinner suggests little progress was made, which is negative for sterling, MUFG Bank says. “We do not expect to see GBP fortunes change unless a Brexit deal is agreed and we would view no news from last night as more likely bad news,” MUFG analyst Derek Halpenny says.