GBP/USD remains vulnerable

14 June, 2019

The GBP/USD pair traded with a mild negative bias for the third consecutive session on Friday and extended this week's rejection slide from the 1.2750-60 supply zone. The pair has now dropped to the lower end of its weekly trading range, around the 1.2650 region, which if broken would set the stage for a further near-term depreciating move. 

Meanwhile, technical indicators on hourly & daily charts maintained their bearish bias, adding credence to the negative outlook supporting prospects for an eventual bearish breakdown amid persistent Brexit uncertainties. A follow-through selling might turn the pair vulnerable to extend the downward trajectory towards challenging the 1.2600 round figure mark en-route multi-month lows support near the 1.2560 region.

On the flip side, the 1.2675 region, closely followed by the 1.2700 handle now seems to act as immediate resistance levels, which if cleared might assist the pair to make a fresh attempt towards challenging the 1.2750-60 important barrier. Only a sustained move beyond the mentioned hurdle might prompt some near-term short-covering move further towards the 1.2800 handle ahead of the next major hurdle near the 1.2860-65 region.


Source link   Presented by HYCM

GBP/USD remains capped below 1.2600

Manages to recover on broad USD weakness, weaker US rates. Bearish bias intact amid dovish Carney's speech and weak UK fundamentals...

GBP risks losing further 5%

Now that United Kingdom traders are returning back to office following a public holiday, we should expect for the fallout from the Brexit Party's...

GBP/USD clings to recovery gains

A modest USD pullback from two-year lows helped bounce of multi-month lows. The recovery got an additional boost following the release of UK...


Pound went below 1.27 on Brexit fears

The British Pound descended deeper into the abyss this morning with prices falling below $1.27 for the first time since January 2019 as uncertainty...

Sterling struggles to nurse wounds

The return of domestic political turmoil in the United Kingdom has led to a flurry of selling momentum for the British Pound, which fell over 300 pips...

Sterling edges down

There were no surprises in the Bank of England's policy decision today to leave interest rates unchanged at 0.75%. The real surprise was the bank...


Pound awaits latest Brexit outcome

With 2 days to go before the EU summit regarding Brexit developments, time is running out for the UK government to come up with a solution to break the...

Rebound appears capped near 1.3200

GBP on the back foot as Parliamentary is set to vote on alternative Brexit options. Awaits fresh Brexit clarity while May’s future also remains a key decisive...

Market sentiment stabilizes

The mood across Asian markets improved this morning, amid easing concerns about the global economy and a possible recession in the United States...

  


Share it on:   or