The post Extends losses below 1.3150 post US CPI data appeared on BitcoinEthereumNews.com.

GBP/USD drops below the 20-DMA, with sellers gaining near-term control as RSI nears a break below 50. Key support lies at 1.3044 (July 17 peak), with further downside risks toward 1.2995 (50-DMA) and 1.2894 (March 8 high). Buyers need to hold above 1.3150 for a recovery, targeting resistance at 1.3111 and the psychological level of 1.3200. The Pound Sterling dropped during the North American session, down 0.30% after UK data showed the economy is slowing down. This and a pick-up in US inflation weighed on the GBP/USD, which trades at 1.3035 after reaching a daily high of 1.3111. GBP/USD Price Forecast: Technical outlook The uptrend remains intact, but the GBP/USD drop below the 20-day moving average (DMA) gives sellers an edge in the near term. The Relative Strength Index (RSI) clings to the bullish side, but a break below the 50-neutral line looms, which could accelerate the downfall and threaten to clear key support levels. If GBP/USD clears 1.3050, the first support would be the July 17 peak at 1.3044. On further weakness, the pair might drop to the 50-DMA at 1.2995. A breach of the latter will expose the March 8 daily high at 1.2894. Conversely, if buyers hold the spot price above 1.3150, that could pave the way for a recovery. The first resistance would be 1.3111, followed by the 1.3150 psychological level, ahead of cracking the 1.3200 figure. GBP/USD Price Action – Daily Chart Pound Sterling FAQs The Pound Sterling (GBP) is the oldest currency in the world (886 AD) and the official currency of the United Kingdom. It is the fourth most traded unit for foreign exchange (FX) in the world, accounting for 12% of all transactions, averaging $630 billion a day, according to 2022 data. Its key trading pairs are GBP/USD, aka ‘Cable’, which accounts…

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Filed under: News - @ September 11, 2024 6:28 pm