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Pound Sterling Price News and Forecast: GBP/USD pares intraday losses

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GBP/USD consolidates after a rejection occurred from the week’s high price at 1.2040

The GBP/USD trades within a range of the week’s after it tumbled from the week’s high on Tuesday. However, the tumbles resulted in 158 pips lost in the price of the cable before it rebounded towards the territory of 1.2000. At the time of writing, GBP/USD traded at $1.1955, down -0.0049 or 0.4% on an intraday basis.  

The GBP/USD rebounded from the year’s low at 1.1759 towards the resistance level of 1.2040. However, the resistance level of 1.2040 prevented the British pound from gathering more gains. Furthermore, the rejection dragged the price to hit a new week’s low at 1.1889 before the price rebounded towards the 1.2000 resistance level, which shows a solid barrier where it pushed the price down again. Read more…

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GBP/USD pares intraday losses, down a little above mid-1.1900s ahead of US PMIs

The GBP/USD pair struggled to capitalize on the overnight bounce from sub-1.1900 levels, or a multi-day low and attracted fresh selling on the last day of the week. The pair, however, managed to rebound a few pips from the daily low and was last seen trading with only modest losses, just above mid-1.1900s heading into the North American session.

The recent optimistic move in the equity markets seems to have run out of steam amid growing fears about a possible global recession. The worries were further fueled by the disappointing release of the flash Eurozone PMI prints, which continued weighing on investors’ sentiment. The cautious mood assisted the safe-haven US dollar to regain positive traction, which, in turn, was seen as a key factor that exerted downward pressure on the GBP/USD pair. Read more …

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