GBP/USD attracts buyers and draws support from subdued USD action – Crypto News – Crypto News
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Retreats towards 1.1800 but bears have a bumpy road ahead Retreats towards 1.1800 but bears have a bumpy road ahead

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GBP/USD attracts buyers and draws support from subdued USD action – Crypto News

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GBP/USD trades with a mild positive bias above 1.2600, upside potential seems limited

The GBP/USD pair edges higher during the Asian session on Friday and recovers further from over a two-week low, around the 1.2590 region touched the previous day. Spot prices currently trade around the 1.2620 area, up just over 0.05% for the day, and for now, seem to have snapped a two-day losing streak, though any meaningful upside still seems elusive.

The US Dollar (USD) pauses after registering strong gains over the past two days and rising to its highest level since June 13, which, in turn, is seen as a key factor lending some support to the GBP/USD pair. That said, firming expectations for more interest rate hikes by the Federal Reserve (Fed) should continue to act as a tailwind for the Greenback. In fact, Fed Chair Jerome Powell reiterated this week that the US central bank could hike rates at least two more times this year. Read more…

GBP/USD Price Analysis: Cable bears eye 1.2600 region, focus on UK GDP, Fed’s favorite inflation

GBP/USD trades water at the lowest levels in two weeks, around 1.2610-1.2600 amid early Friday morning in Asia. In doing so cables The pair fails to justify the midweek’s downside break of the key horizontal support, now resistance, as well as the bearish MACD signals.

The Pound Sterling’s latest inaction could be linked to the market’s cautious mood ahead of the top-tier US and UK data, as well as the presence of ascending support lines from March and May, as well as the steady RSI (14) line. Read more…

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