GBP/USD trades with modest losses around 1.4170-65 area, downside seems limited

GBP/USD confronted rejection close to the 1.4200 mark and grew to become decrease for the 2d consecutive day.
A aggregate of elements have to assist restrict the draw back and warrant warning for bearish traders.
The GBP/USD pair prolonged its consistent intraday descent thru the early European session and fell to sparkling every day lows, round the 1.4170-65 location in the closing hour.

The pair struggled to capitalize on Friday’s goodish rebound of round 50 pips from the 1.4135 areas and confronted rejection close to the 1.4200 marks on the first day of a new buying and selling week. The GBP/USD pair has now drifted into the poor territory for the 2nd consecutive session, even though a aggregate of elements must assist restrict any significant slide, at least for the time being.

Despite enhanced inflation information from the US, buyers appear satisfied that the Fed will preserve its ultra-lose economic coverage for a longer period. Various FOMC officers have downplayed issues about runaway inflation and reiterated that any spike in costs would show to be temporary. This would possibly act as a headwind for the US greenback and prolong some aid to the GBP/USD pair.

admin

Read Previous

Palladium Price Analysis: XPD/USD stays on the way to key hurdle below $2,900

Read Next

Gold Price Analysis: XAU/USD eyes $1,936 as next bullish target – Confluence Detector

Leave a Reply

Your email address will not be published. Required fields are marked *