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GBP/USD Forecast: Pound Sterling turns bearish, closes in on important support GBP/USD stays on the back foot and continues to edge lower toward 1.2700 in the European session on Monday. The pair’s near-term technical outlook highlights a buildup of bearish momentum. GBP/USD came under heavy bearish pressure on Friday and erased all of its weekly gains. The US Dollar (USD) capitalized on the upbeat labor market data and forced the pair to push lower as investors reassessed the probability of a Federal Reserve (Fed) rate cut in September. Read more… GBP/USD Price Analysis: The potential support level is located above 1.2700 The GBP/USD pair trades in negative territory for the second consecutive day near 1.2715 during the early European session on Monday. The stronger US Dollar (USD) broadly drags the major pair lower. Investors await the UK Employment data on Tuesday for fresh impetus, including Claimant Count Change, Employment Change, and Average Earnings data. Any evidence of more layoffs in the UK economy might trigger the expectations of early rate cuts from the Bank of England (BoE) and might weigh on the Pound Sterling (GBP).  According to the 4-hour chart, the outlook of GBP/USD turns bearish as it holds below the key 100-period Exponential Moving Average (EMA). The downward momentum is supported by the Relative Strength Index (RSI), which stands around 37.00, indicating the path of least resistance is to the downside. Read more… Source: https://www.fxstreet.com/news/pound-sterling-price-news-and-forecast-gbp-usd-turns-bearish-closes-in-on-important-support-202406101203

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Filed under: News - @ June 10, 2024 3:24 pm