GBP USD Price Analysis Struggles near weekly low seems vulnerable below 1 1200 mark Gbpusd - Politics HEAD TOPICS
GBP USD Price Analysis Struggles near weekly low seems vulnerable below 1 1200 mark
10/21/2022 7:37:00 AM The GBP USD pair edges lower during the Asian session on Friday and is currently trading around the 1 1200 mark just a few pips above the weekly low
Gbpusd Politics
Source FXStreet News
GBP USD Price Analysis Struggles near weekly low seems vulnerable below 1 1200 mark – by hareshmenghani GBPUSD Politics Fed Technical Analysis Currencies The GBP USD pair edges lower during the Asian session on Friday and is currently trading around the 1 1200 mark just a few pips above the weekly low The overnight rejection near a two-month-old descending trendline favours bearish traders.Weakness below the weekly low is needed to support prospects for further near-term losses.The GBP/USD pairedges lower during the Asian session on Friday and is currently trading around the 1.1200 mark, just a few pips above the weekly low touched the previous day. The US dollar regains some positive traction amid the continuous rise in the US Treasury bond yields, bolstered by expectations that the Fed will continue to hike interest rates at a faster pace. Apart from this, a generally weaker risk tone offers additional support to the safe-haven buck, which, in turn, is seen exerting some pressure on the GBP/USD pair. Read more:
FXStreet News » GBP/USD Price Analysis: At a make or a break around 1.1200 GBP/USD trims a part of intraday gains, struggles to find acceptance above 1.1300 mark GBP/USD sellers poke 1.1200 support with scrutiny on UK politics, Retail Sales GBP/USD bears poke 1.1200 amid firmer DXY, UK’s political jitters Who should you root for at the FIFA World Cup
My New Favorite Futbolista will introduce you to the World Cup’s most inspiring soccer players and the causes they champion. New episodes hosted by former Colombian striker Juan Pablo Ángel and LX News host Eric Alvarez will drop November 1 in English and Spanish. Read more >> GBP/USD Price Analysis: At a make or a break around 1.1200The GBP/USD pair is struggling to surpass the immediate hurdle of 1.1240 in the early Tokyo session. The pound bulls witnessed a steep fall from 1.133 GBP/USD trims a part of intraday gains, struggles to find acceptance above 1.1300 markGBP/USD trims a part of intraday gains, struggles to find acceptance above 1.1300 mark – by hareshmenghani GBPUSD Politics UnitedStates Majors Currencies GBP/USD sellers poke 1.1200 support with scrutiny on UK politics, Retail SalesGBP/USD takes offers to renew intraday low near the 1.1200 support confluence as traders await the UK Retail Sales during early Friday. Other than the GBP/USD bears poke 1.1200 amid firmer DXY, UK’s political jittersGBP/USD holds onto the bearish bias for the third consecutive day as sellers attack 1.1200 amid sluggish Thursday. The cable pair’s weakness could be USD/CAD: Near Term sure to Produce Volatile Forex FireworksThe USDCAD is trading near the 137575 mark as of this writing. forex forextrade forextrading The dollar will dump soon GBP/USD meets with a fresh supply on Friday and is pressured by a modest USD strength.The cable is on the verge of an explosion of the symmetrical triangle.Information on these pages contains forward-looking statements that involve risks and uncertainties.pre-data jitters, the political crisis in Britain also weighs on the Cable pair amid upbeat US Dollar Index (DXY) and firmer US Treasury yields. The overnight rejection near a two-month-old descending trendline favours bearish traders. Weakness below the weekly low is needed to support prospects for further near-term losses. The 20-EMA is acting as a major barricade for the pound bulls. The GBP/USD pair edges lower during the Asian session on Friday and is currently trading around the 1. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.1200 mark, just a few pips above the weekly low touched the previous day.1240 in the early Tokyo session. The US dollar regains some positive traction amid the continuous rise in the US Treasury bond yields, bolstered by expectations that the Fed will continue to hike interest rates at a faster pace.” Elsewhere, the UK’s GfK Consumer Confidence improved to -47 in September versus the record low of -49 marked the previous month, as per the latest data release on Friday. Apart from this, a generally weaker risk tone offers additional support to the safe-haven buck, which, in turn, is seen exerting some pressure on the GBP/USD pair.1336 on Thursday as the risk appetite of investors was trimmed led by soaring yields and UK political crisis after novel UK Leader Liz Truss resigned. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. Spot prices did get a minor lift on Thursday after Liz Truss said that she will resign as the UK's Prime Minister. The momentum, however, faltered ahead of a downward sloping trend-line resistance extending from late August. Apart from that, soaring yields also supported the greenback in vaporizing early gains and ending the New York session with negligible losses of around 113. The subsequent pullback favours bearish traders and supports prospects for a further near-term depreciating move for the GBP/USD pair. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. That said, technical indicators on the daily chart are yet to confirm a bearish bias and warrant some caution. On a four-hour scale, the cable is on the verge of exploding the symmetrical triangle chart pattern.5% MoM in September versus -1. Hence, it will be prudent to wait for some follow-through selling below the overnight swing low, around the 1.1170 area, before positioning for any further depreciating move.1738 while the upward-sloping trendline is plotted from September 26 low at 1. The author makes no representations as to the accuracy, completeness, or suitability of this information. The GBP/USD pair might then accelerate the fall towards testing the 1.1100 mark. An explosion of volatility contraction pattern results in wider ticks and heavy volume. The downward trajectory could further get extended towards the next relevant support near the 1. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.1200. 1055-1.1300 is acting as a major barricade for the counter.1050 support zone. The GBP/USD pair could eventually drop to the 1.00-60.1000 psychological mark, which if broken decisively will be seen as a fresh trigger for bearish traders. On the flip side, the 1. Going forward, an upside break of Monday’s high at 1. 1250-1.1260 region now seems to act as an immediate strong resistance, above which a bout of a short-covering should allow the GBP/USD pair to reclaim the 1.1590, followed by September 13 high at 1.1300 mark. Any subsequent move up, however, might continue to confront stiff resistance near the aforementioned trend line, which is currently pegged near the 1. On the flip side, a drop below the 50-EMA at 1.1350-1. 1355 region.1000. A convincing breakthrough will negate any near-term negative bias and pave the way for additional gains. The momentum could then lift the GBP/USD pair towards the 1.0924.1400 mark en route to the weekly high, around the 1.1440 region. The latter coincides with the 50-day SMA, which should act as a pivotal point and help determine the next leg of a directional move. GBP/USD daily chart .