GBP/USD consolidates recent losses to a multi-month low, seems vulnerable near 1.2500
The GBP/USD pair enters a bearish consolidation phase during the Asian session on Thursday and oscillates in a range just above a three-month low touched the previous day. Spot prices currently trade around the 1.2500 psychological mark and seem vulnerable to prolonging a nearly two-month-old descending trend.
The US Dollar (USD) takes a brief pause following the recent rally to its highest level since March 9 and turns out to be a key factor lending some support to the GBP/USD pair. Any meaningful USD corrective slide, meanwhile, still seems elusive in the wake of firming expectations that the Federal Reserve (Fed) will keep interest rates higher for longer. The bets were reaffirmed by the overnight release of the upbeat US ISM Services PMI, which surpassed even the most optimistic estimates and rose to a six-month high level of 54.5 in August. Read more…
GBP/USD Price Analysis: Bounces off 78.6% Fibonacci ratio, focus on 1.2530 support-turned-resistance
GBP/USD portrays a corrective bounce off a three-month low to around 1.2500 amid early Thursday morning in Asia. In doing so, the Cable pair justifies the oversold RSI conditions, as well as the Pound Sterling’s sustained rebound from the 78.6% Fibonacci retracement of late May to mid-March upside, near 1.2485.
Even so, the bearish MACD signals and the support-turned-resistance stretched from early August guard immediate recovery of the Pound Sterling pair around 1.2530. Read more…
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- Source: https://www.fxstreet.com/news/pound-sterling-price-news-and-forecast-gbp-usd-remains-on-the-defensive-near-a-three-month-low-202309070140
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