GBP/USD to finish the week under 1.3100 on a firm US dollar

The British pound remains defensive, trading below the 1.3100 mark, on the back of a buoyant US dollar amidst a dull trading session as financial markets are closed In the observance of Easter Friday. The GBP/USD is trading at 1.3061 at the time of writing. The GBP/USD has remained under pressure in the week. A stronger US dollar and diminished risk appetite spooked GBP bulls, as the GBP/USD is about to end the week with modest gains of 0.18%. Contrarily, the US Dollar Index, a gauge of the greenback’s value against a basket of its rivals, edges up 0.68%, sitting at 100.519, underpinned by high US Treasury yields throughout the week. Read more…

GBP/USD Weekly Forecast: For how long can 1.3000 support hold?

After dropping to its lowest level since November 2020 at 1.2974 earlier in the week, GBP/USD has managed to stage a rebound. Although the broad-based dollar strength didn’t allow GBP/USD to gather further bullish momentum in the second half of the week, the pair ended up closing above 1.3050 to snap a two-week losing streak. Read more…

Technical analysis: GBP/USD gains capped by 200-period MA, bearish risks rekindled

GBPUSD’s fresh drop has stabilized around its 50-period simple moving average (SMA), after the scenario of a sturdy rally was dampened by the descending 200-period SMA and the 1.3156-1.3182 barricade overhead. Furthermore, the negative picture in the pair is being nurtured by the downward demeanour of the SMAs. Read more…