February 13, 2023

Pound Sterling Price News and Forecast: GBP/USD bears are in play on the backside of last week's bullish trend

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GBP/USD Price Analysis: The day ahead and initial balance has somehthing for both bulls and bears

GBP/USD is on the backside of the trend now. The bears are in play and there are prospects of a continuation towards 1.1950 (daily ATR is 114 pips) with the -272% Fibonacci aligned at that juncture that meets the prior structure looking left. Further down we have the bottom of the new 100 pip box at 1.1900 and 1.1800 there after that meets a -61.8% Fibo. Read more…

GBP/USD declines towards 1.2000 as Fed’s higher interest rate concerns strengthen

The GBP/USD pair is displaying a sideways action around 1.2050 in the early Asian session. The Cable is expected to display further downside as the odds of a policy tightening pause by the Federal Reserve (Fed) have vanished entirely and more interest rate hikes are expected to continue its battle against stubborn inflation.

Renewed concerns of more policy tightening by the Fed and disappointed quarterly earnings forced S&P500 to settle last week with the highest losses since December. This has strengthened the risk-aversion theme further. Also, the Pentagon shot down an unidentified object over Alaska on Saturday. This is the second event in less than a week after the Pentagon shot down the spy Chinese balloon, which was later identified as a civilian by the Chinese administration. The events are portraying more traction for the risk-off impulse. Read more…

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