GBP/USD Outlook: Bulls could aim to retest double-top resistance near 1.2445-50 area
The GBP/USD pair struggles to capitalize on its two-day-old uptrend to the highest level since early February and attracts some sellers in the vicinity of mid-1.2300s during the Asian session on Wednesday. The downtick is sponsored by a modest US Dollar (USD) uptick, though lacks follow-through and is more likely to remain limited. A combination of factors should hold back the USD bulls from placing aggressive bets and act as a tailwind for the major. Against the backdrop of the Federal Reserve’s less hawkish stance, easing fears of a full-blown banking crisis might continue to cap any meaningful upside for the safe-haven buck. Read more…
GBP/USD Forecast: Near-term consolidation likely for Pound Sterling
After having met resistance at 1.2350, GBP/USD has lost its traction and retreated to the 1.2300 area early Wednesday. The near-term technical outlook points to a loss of bullish momentum and the pair could stay in a consolidation phase in the absence of fundamental drivers.
The data published by the Bank of England showed on Wednesday that Consumer Credit declined to £1.413 billion in February from £1.686 billion in January. Although this reading came in higher than the market expectation of £1.3 billion, it failed to help Pound Sterling regain its traction. Read more…
GBP/USD outlook: High inflation and growing expectations for further rate hikes keep pound supported
Cable edged lower in European trading on Tuesday, after attempts at pivotal barrier at 1.2343 (Mar 23 high) stalled just under the target but keeps overall firm bullish stance.
The latest inflation data and comments from BOE Governor Bailey fuel expectations for further rate hikes, which underpins the pound.
Governor Bailey highlighted that fighting inflation remains the key job for BOE policymakers and recent rising worries about the health of global banking system should not obstruct their primary task. Read more…