GBP/USD Forecast: Sterling sellers look to maintain control as resistance at 1.2700 holds
After bouncing back above 1.2700 during European trading hours on Wednesday, GBP/USD erased its gains to close the day virtually unchanged, just below that level. The pair remains in a losing position on Thursday morning and is trading at its lowest level in a month since early July.
The deteriorating market sentiment appears to be making it harder for sterling to remain resilient against its rivals. At the time of going to press, the UK’s FTSE 100 was down 1% on the day, while US stock index futures were trading marginally lower. Read more…
GBP/USD defends 100-day SMA amid moderate USD weakness, bulls lack conviction
GBP/USD is once again showing some resistance below the 100-day elementary moving average (SMA) and is attracting buyers near the more than one-month low reached earlier this week. However, spot prices are struggling to capitalize on the rally and are currently trading only with modest intraday gains around the 1.2700 round.
The US dollar (USD) is under renewed selling pressure following rising bets on more interest rate cuts from the Federal Reserve (Fed), which is driving US Treasury yields back lower. This in turn offers some support to the GBP/USD pair, although a softer risk tone is helping to limit losses for the safe-haven dollar and acting as a headwind. Read more…
