The post GBP/USD needs to reclaim 1.3100 to discourage bears appeared on BitcoinEthereumNews.com.

GBP/USD Forecast: Pound Sterling needs to reclaim 1.3100 to discourage bears GBP/USD registered large losses in the previous week despite holding its ground on Friday. The pair struggles to gain traction at the beginning of the new week and trades below 1.3100. GBP/USD declined sharply on Thursday, pressured by dovish comments from Bank of England (BoE) Governor Andrew Bailey. Although the pair staged a rebound in the European session on Friday after BoE Chief Economist Huw Pill adopted a more cautious tone regarding further policy easing, it failed to stretch higher as the upbeat US employment data boosted the US Dollar (USD). Read more… GBP/USD Weekly Forecast: Pound Sterling not out of the woods yet as US inflation looms The Pound Sterling (GBP) closed the week deep in the red against the US Dollar (USD), as the GBP/USD extended the correction from 30-month highs to below 1.3100. GBP/USD failed to sustain at higher levels and returned to negative territory, giving up almost 300 pips in the past week. The pair faced a double whammy, with the resurgence of the demand for the US Dollar on one hand while on the other side, the Pound Sterling was thrown under the bus on the Bank of England’s (BoE) dovish policy expectations and the risk-averse market environment. Read more… Source: https://www.fxstreet.com/news/pound-sterling-price-news-and-forecast-gbp-usd-needs-to-reclaim-13100-to-discourage-bears-202410071158

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Filed under: News - @ October 7, 2024 1:27 pm