Pound Sterling stays in positive territory above 1.2550 early Thursday – Crypto News

GBP/USD Forecast: Pound Sterling rebounds but bearish bias remains intact

GBP/USD came under heavy bearish pressure and touched its lowest level in two months at 1.2520 during the American trading hours on Wednesday. The pair stays in positive territory above 1.2550 early Thursday but the technical outlook doesn’t yet point to a build up of recovery momentum.

The US Dollar (USD) outperformed its rivals in the second half of the day as investors reacted to the US inflation data for March, triggering a sharp decline in GBP/USD. Read more…

Cable’s sharp decline after higher inflation in the US

In a significant turn of events, the GBP/USD pair, often referred to as ‘Cable’, reversed sharply to the downside in the last 24 hours. This movement was characterized by the price decisively breaking through the corrective channel’s support line, signaling a strong bearish momentum among traders. The current landscape suggests a bearish impulse in progress, likely to extend as market conditions mature.

As of now, the minor rally that we’re witnessing is classified as Red Wave 4, based on Elliott Wave analysis. It’s essential to consider this as a corrective phase within a larger downtrend. Analysts are pinpointing potential resistance levels, notably at 1.2560 up to 1.2580. Read more …