GBP/USD Price Analysis: Bears pressing in and eye a break of key support
GBP/USD extended losses after remarks from Bank of England Governor Andrew Bailey. Speaking at a cost of living conference in London, Bailey said he would caution against suggesting the BOE is finished raising rates or that it will need to deliver more increases. Cable is techcniually coiled as well which the following technical analysis illustrates offering a bearish bias for the pair.
Bears are looking for a break of the structure near 1.1900 to open a run towards 1.1650 as per the daily chart above while the price is at least below trendline resistance and capped by 1.2200 highs. Read more...
GBP/USD rebounds from 1.2000, still inside the woods on ambiguous remarks from BoE Bailey
The GBP/USD pair has sensed buying interest after a marginal correction to near 1.2000 in the early Asian session. The Cable is still inside the woods amid a mixed market mood. The US Dollar Index (DXY) is looking to sustain its auction above the 104.00 support after a recovery move from below 103.70 as the United States ISM Manufacturing PMI gamut conveyed a rebound in the inflationary pressures.
S&P500 futures witnessed pressure as investors are still struggling to ignore fears of more rates from the Federal Reserve (Fed). Hawkish commentaries delivered by Fed policymakers fueled US Treasury yields. The return offered on 10-year US government bonds jumped to 4%. Read more...
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