GBP/USD outlook: Weaker than expected UK Retail Sales add to pound’s bearish stance
Cable holds in red and extends steep fall into fourth straight day, on track for the biggest weekly fall since the second week of June 2020.
Sterling weakened on Brexit tensions and delayed lift of Covid restrictive measure and came under increased pressure on hawkish Fed that lifted dollar, while today’s weaker than expected UK retail sales data added to negative signal. Read more…
GBP/USD: Trading recommendations
GBP/USD maintains positive long-term momentum, trading in the zone above the long-term support level of 1.3660. Corrective decline may continue up to support levels 1.3790, 1.3660.
A breakdown of the resistance level of 1.3970 could be a signal to close short positions in GBP/USD. In case of consolidation in this zone (above the level of 1.3970) and further growth of GBP/USD, long positions should be resumed and increased. Read more…
GBP/USD Forecast: Recovery from the Fed? Only a dead-cat bounce for Delta-depressed pound
When will “Freddom Day” come? That is a question many Brits are asking themselves after the government postponed the lifting of the last restrictions to July 19 – but reportedly considers bringing it forward to July 5. However, such hopes will likely be dashed.
Over 11,000 new COVID-19 cases were reported on Thursday in Britain, the highest since mid-February. The rapid spread of the Delta variant triggered the postponement and also pushed the government to offer vaccines to all those 18 and older. Read more…
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