GBP/USD outlook: Bulls pause for consolidation after uninterrupted seven-day rally
Cable edged lower on Thursday, as bulls take a breather after strong rally in past two days (part of larger seven-day rally) that hit two-month high (1.3589) on Tuesday and probed above the top of thickening daily Ichimoku cloud (1.3561).
Overbought daily studies contributed to a partial profit-taking, with dips expected to be limited (ideally to be contained at 1.3500 zone, consisting of broken 50% retracement of 1.3869/1.3159 descend / Tuesday’s low and deeper pullback to find ground above daily cloud base at 1.3450) to provide better levels to re-enter bullish market. Read more…
GBP/USD Price Forecast: Hold onto two-month high near 1.3590 amid risk-on mood
The GBP/USD pair trades flat around 1.3565 during the European trading session on Wednesday, but is close to its almost two-month high of 1.3590 posted the previous day. The Cable demonstrates strength as hopes of a permanent ceasefire between the United States (US) and Iran have improved the market sentiment.
During the press time, S&P 500 futures hold onto Tuesday’s gains near 6,970, reflecting an upbeat market mood. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades close to an over six-week low of 98.00. Read more…
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