GBP/USD Forecast: Additional losses likely with a violation of 1.2480 support
GBP/USD has continued to edge lower toward 1.2500 early Thursday after having registered modest losses on Wednesday. The pair stays within a touching distance of the critical 1.2480 support and sellers could take action if that level turns into resistance.
The greenback managed to stay resilient against its rivals mid-week on the back of rising US Treasury bond yields and caused GBP/USD to lose its traction. In the European morning, the risk-averse market environment is making it difficult for the pair to stage a rebound. Read more…
GBP/USD has lost its recovery momentum, how low can it go?
The British Pound is retreating for a second day, returning below the 1.25 level, failing to build on the positive momentum at the start of the week. The pressure appears to be driven by rising government bond yields in global markets, starting with but not limited to the US.
The intraday dynamics of GBPUSD show methodical intraday selling. This is another sign of the rebound’s local exhaustion, and we might expect a new round of declines later. Read more…
GBP/USD languishes in low-1.2500s, within recent ranges as key risk events loom
Ahead of key risk events including the ECB’s imminent monetary policy announcement at 1145GMT followed by US Consumer Price Inflation at 1230GMT on Friday, GBP/USD continues to languish well within recent ranges. The pair was last trading in the low-1.2500s, having rebounded from an earlier test of the 1.2500 level, where the 21-Day Moving Average (at 1.2498) came in to offer support. Read more…