GBP/USD is down some 0.45% on the day, falling from a high of 1.2540 to a low of 1.2448 today, as speculators continue to reduce their GBP short positions. However, the pair is hitting a potential support area, as the following technical analysis will show: Read more…
Pound Sterling (GBP) continued to fall against the US dollar (USD) on Friday, following weakness triggered by the Bank of England (BoE) monetary policy meeting the previous day. GBP/USD is now trading in the mid-1.24s after being pushed lower by safe-haven flows into the US dollar on concerns over the US debt ceiling in the absence of a deal and the release of the Michigan consumer confidence index, which showed a drop to 57.7 from 63 and Michigan’s 5-year inflation expectations rose to 3.2% from 3.0% previously. Read more…
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The GBP/USD pair is attracting fresh sellers after Friday’s early rise to the 1.2540 region, and has dipped to a one-and-a-half-week low during the early North American session. Spot prices are falling below the psychological 1.2500 level, with bears now waiting for a break through the lower end of the uptrend channel that extends from the April swing low before placing new bets. Read more…
