Home Forex GBP/USD is tracking the 21 DMA on a technical rebound ahead of critical events

GBP/USD is tracking the 21 DMA on a technical rebound ahead of critical events

by SuperiorInvest

GBP/USD Weekly Forecast: 21 DMA eyes technical recovery ahead of critical US and UK events

GBP/USD ended its three-week losing streak and staged a strong comeback from near four-decade lows of 1.1405. A correction in the US dollar and economic stimulus measures unveiled by new British Prime Minister Liz Truss saved the day for cable bulls. Will the recovery extend into the big week ahead? Read more…

GBP/USD Forecast: Bulls will maintain control as long as 1.1600 holds

GBP/USD rallied after Thursday’s inconclusive action, advancing to its strongest level in over a week above 1.1600. The pair remains on track to break a three-week losing streak and further gains from the rally could be witnessed if buyers continue to defend 1.1600. During European trading hours on Thursday, GBP/USD rallied after British Prime Minister Liz Truss announced they would introduce a two-year “energy price guarantee”. Truss explained that a typical household would pay no more than £2,500 a year in energy bills, a saving of around £1,000 a year based on October prices. Read more…

GBP/USD jumps to near two-week high, closer to mid-1.1600s on notable USD selling

GBP/USD pair it gains strong positive traction on Friday and continues to rise in the early part of the European session. The momentum is lifting spot prices to a one-and-a-half-week high, closer to the mid-1.1600s, and is underpinned by a strongly bid tone around the US dollar. A good recovery in risk-on sentiment – as shown by the positive tone in equity markets – is pulling the safe-haven buck further from the two-decade high reached earlier this week. In fact, the key USD index, which measures the dollar’s performance against a basket of currencies, sinks to a new monthly low and is proving to be a key driver of GBP/USD’s intraday rally. Read more…

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