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Abstract:GBP/USD seesaws around 1.3970 amid early Asian session trading on Friday, after renewing the multi-day tops the previous day.
GBP/USD seesaws around 1.3970 amid early Asian session trading on Friday, after renewing the multi-day tops the previous day. The cable pair rose past 100-DMA for the first time since June 23 on Thursday amid stronger RSI and Momentum lines. However, a 20-week-old horizontal area surrounding 1.4005–10 becomes the key hurdle to the pairs further upside, a break of which needs strong catalysts.
GBP/USD Forecast: Fed fuels ascent toward 1.40, only overbought conditions could halt the rally.
“More ground to cover” – the Federal Reserve has said it is waiting for more data before tightening, and that has sent GBP/USD to the highest in a month. While the Fed has expressed content at the progress of the US economy – and has had its first debate about the timing of tapering bond buys – there seems to be no rush.
Stay tuned!
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On Wednesday, November 17, we expect movement inside the channel, limited by the levels of 1.3346 and 1.3508.
Today the GBP/USD pair downward trend continues. Therefore, in case of overcoming the level of 1.3517, the downward movement may continue with the next target of 1.3424.
The British Pound marked a third consecutive weekly decline against the US Dollarthis week with GBP/USD nearly 0.5% to trade at 1.3671 ahead of the close of US trade on Friday.
GBP/USD remains on the back foot around monthly low. Downside break of two-month-old support, bearish MACD favor sellers. 200-day EMA adds to the upside filters, 61.8% Fibonacci retracement offers extra support.