US Dollar escalates as risks spin and pound struggling
Updated
GBP/USD reached a low of 1.2685, just above the historical breakpoints of 1.2670-1.2680, which could act as support. Further support may be found at 1.2620 and 1.2590, coinciding with the 100-day SMA. The price is above the 55-, 100-, and 200-day SMAs, indicating positive long-term momentum.
However, it is below the 10- and 21-day SMAs, suggesting near-term bearish momentum. Resistance may be near 1.3000 and 1.3142, with the latter coinciding with breakpoints in the 1.3150-1.3160 area. Overall, GBP/USD is currently trading within a wide range.
However, it is below the 10- and 21-day SMAs, suggesting near-term bearish momentum. Resistance may be near 1.3000 and 1.3142, with the latter coinciding with breakpoints in the 1.3150-1.3160 area. Overall, GBP/USD is currently trading within a wide range.
Note
GBP has struggled over the past few weeks since retreating from recent highs. GBPUSD remains range-bound as market participants remain unclear on the Bank of England (BoE)'s future path.
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