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GBP/USD eyes fourth weekly loss amid UK’s economic pessimism

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GBP/USD Forecast: Pound Sterling faces stiff resistance at 1.2100

GBP/USD has managed to climb above 1.2050 early Friday after having snapped a two-day losing streak on Thursday. With trading conditions remaining thin on the last trading day of the year, however, the pair could have a hard time making a decisive move in either direction.

The decisive rebound witnessed in Wall Street’s main indexes forced the US Dollar to stay on the back foot on Thursday and allowed GBP/USD to edge higher. Early Friday, the UK’s FTSE 100 Index trades marginally lower on the day and US stock index futures are losing between 0.25% and 0.55%, pointing to a cautious market mood. Unless risk flows return ahead of the New Year holiday, the pair’s upside is likely to remain capped. Read more …


GBP/USD eyes fourth weekly loss amid UK’s economic pessimism

GBP/USD reverses the previous day’s gains, the biggest in two weeks, while taking offers to refresh the intraday low around 1.2040 heading into Friday’s London open. In doing so, the Cable pair justifies the downbeat signals surrounding the British economy, as well as the recent pause in the downside of the US Treasury yields and the US Dollar.

The Times’ news suggesting UK Prime Minister’s readiness for halving financial support on energy bills for businesses, amid concerns about the cost, seemed to have exerted downside pressure on the GBP/USD prices. “The report comes after British public borrowing during last month hit its highest for any November on record, reflecting the mounting cost of energy subsidies, debt interest and the reversal of an increase in payroll taxes,” per the news. Read more …

GBP/USD capped below 1.2075, treading water at around 1.2050

The Pound remains unable to capitalize on a softer US Dollar on the last trading day of the year. The pair has failed to break above 1.2075 and keeps moving within a 60-pip range on both sides of 1.2050 for the second consecutive day.

Concerns about the fast expansion of coronavirus cases in China have kept risk appetite in check over the last half of the week. Reports from independent sources talking about 9,000 daily deaths contrast with the information by official institutions reporting 5,000 new infections and only one death on Friday. Read more…

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