Pound Sterling Price News and Forecast: GBP/USD two patterns confirming bullish outlook

GBP/USD struggles to extend gains above 1.3000 amid coronavirus fears

GBP/USD looks to regain ground above the 1.3000 level, holding onto the overnight recovery gains following a sharp drop to six-day lows of 1.2917.

The cable witnessed good two-way business on Wednesday, having eroded over 150-pips in the European trading, as the coronavirus-induced lockdown fears triggered risk-aversion and bolstered the demand for the US dollar as a safe-haven. The higher-yielding pound was sold-off alongside the global stocks. Read more…

GBP/USD two patterns confirming bullish outlook

The GBP/USD is showing a V shaped reversal and cup with handle pattern at the same time. The pair is bullish.

Techicals show bullish price action but we should not forget that Brexit uncertainty still hangs in the air. Due to the Brexit headline risk we could see sudden movements in both directions. The POC zone is within 1.2940-65 and a pullback in the zone should awake new buyers. 1h close above 1.3022 suggest continuation towards 1.3062 , 1.3119 and 1.3129. Only below 1.2900 the pair will be bearish. Read more…

GBPUSD

GBP/USD surrenders early modest gains, back below 1.3000 mark

The GBP/USD pair retreated around 40 pips from Asian session swing highs and has now dropped to the lower end of its daily trading range, around the 1.2985 region.

The pair failed to capitalize on the overnight rebound from one-week lows and a subsequent move to the 1.3025 area on Thursday, instead met with some fresh supply amid resurgent US dollar demand. Despite a goodish bounce in the equity markets, concerns about the ever-increasing coronavirus cases continued benefitting the greenback’s status as the global reserve currency. Read more…

Leave a Reply

Your email address will not be published. Required fields are marked *