GBP/USD Price Forecast: Remains above 1.2750 with testing nine-day EMA
GBP/USD pauses its two-day advance, trading around 1.2760 during the Asian session on Monday. The daily chart analysis shows the pair is consolidating within a descending channel, indicating a bearish bias.
The Moving Average Convergence Divergence (MACD) indicator suggests bearish momentum, as the MACD line is below both the signal line and the centerline. Additionally, the 14-day Relative Strength Index (RSI) remains below the 50 level, reinforcing the bearish outlook. Read more…
GBP/USD weakens to mid-1.2700s as USD attracts haven flows amid Middle East tensions
The GBP/USD pair kicks off the new week on a weaker note and for now, seems to have stalled a two-day-old recovery from the 1.2665 area, or the lowest level since July touched last Thursday. Spot prices currently trade around the mid-1.2700s as traders look forward to this week’s important macro releases from the UK and the US.
The monthly UK employment data and the US Producer Price Index (PPI) will be published on Tuesday, which will be followed by the UK and the US consumer inflation figures on Wednesday. Apart from this, the Preliminary UK Q2 GDP on Thursday will influence the sentiment surrounding the British Pound (GBP) and help determine the next leg of a directional move for the GBP/USD pair. Read more…
