Home Forex GBP/USD gains traction near 1.2722 on risk-on sentiment

GBP/USD gains traction near 1.2722 on risk-on sentiment

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GBP/USD Price Analysis: Holds above 1.2720 amid risk-on sentiment

The GBP/USD pair starts the week on a positive note during the early European session on Monday. The major pair’s rebound is supported by a risk-on environment. However, rising tensions in the Red Sea could support demand for safe-haven assets and limit GBP/USD gains. At press time, the pair is trading at 1.2722, up 0.16% on the day.

Technically, GBP/USD is resuming its uptrend as the pair is holding above the 100-hour exponential moving average (EMA) on the 4-hour chart. Furthermore, the 14-day Relative Strength Index (RSI) is in a bullish zone above the 50 mid-line, indicating that further upside looks favorable. Read more…

GBP/USD edges higher to 1.2710 on prevailing risk sentiment

GBP/USD is retracing its recent losses seen on Friday and is trading higher near 1.2720 during Monday’s Asian session. The pound sterling (GBP) makes advances against American dollar (USD), a movement potentially associated with prevailing market risk. However, challenges have arisen for GBP/USD following Friday’s release of lackluster December retail sales data from the United Kingdom (UK).

The Office for National Statistics (ONS) released monthly retail sales figures for December, which revealed a sharp fall of 3.2% from the previous figure of 1.4%. That beat expectations for a 0.5% decline. On a year-on-year basis, the data indicated a decline of 2.4%, in contrast to an expected increase of 1.1%. Read more…

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