Note

GBP/USD Price Forecast: Dips to 1.2700, ignores BoE’s hawkish comments

· Views 24


GBP/USD extends losses, breaking below the 200-day SMA, with further downside potential.

Technical indicators suggest continuing bearish momentum with support at 1.2665 in focus.

Recovery above 1.2700 could test resistance at the recent high of 1.2873.

The Pound Sterling registers losses against the US Dollar in early trading during the North American session, sponsored by Bank of England´s (BoE) Catherine Mann's hawkish rhetoric. This and the latest US inflation report came as expected, keeping the GBP/USD trading at around 1.2697, down by over 0.37%.


GBP/USD Price Forecast: Technical outlook

The GBP/USD bearish momentum extended after the pair cleared 1.2817, the 200-day Simple Moving Average (SMA), opening the door to challenge 1.2800. Momentum remains tilted to the downside, with the pair hitting a daily low of 1.2686, shy of testing intermediate support seen at the August 8 swing low of 1.2665. If cleared, the next support would be the 1.2600 figure.





Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.

FOLLOWME Trading Community Website: https://www.followme.com

If you like, reward to support.
avatar


Hot

No comment on record. Start new comment.