GBP/USD Price Analysis: Doji candlesticks around 1.2430 flashes bulls/bears’ indecision
After a tranche of UK and US economic data, GBP/USD stays in sideways choppy trading, keeping the pair scrambling for direction following the last three days of uncertainty. From a technical perspective, three doji’s in a row suggests neither buyers’ nor sellers’ commitment to open fresh positions. Hence, GBP/USD is trading at 1.2439 after printing a low at 1.2367, below the 20-day Exponential Moving Average (EMA). Read More…
GBP/USD pares intraday losses, down a little around 1.2420 ahead of US PMIs
The GBP/USD pair stalls its intraday decline near the 1.2375 region and recovers over 40 pips from a three-day low touched earlier this Friday. Spot prices, however, keep the red through the early North American session and currently trade around the 1.2415-1.2420 area, still down nearly 0.20% for the day. Read More…
GBP/USD seen trading within 1.2345-1.2510 – UOB
In the opinion of UOB Group’s Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia, GBP/USD is expected to trade within the 1.2345-1.2510 range in the next few weeks. Read More…
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The Pound Sterling (GBP) has recently seen conflicting price action, forming a doji candlestick around the 1.2430 level against its US Dollar (USD) counterpart. Traders are now closely monitoring its price action to determine the direction of the pair’s next move.
The recent standoff between the two currencies was triggered by a number of factors. Firstly, investors have been monitoring news of ongoing Brexit negotiations with the European Union (EU). This has prompted investors to remain cautious about the future of the pound, causing its price to fluctuate.
Additionally, there has been a divergence in the monetary policies of the two nations, with the US Federal Reserve undertaking a more accommodative stance in terms of interest rates, while the Bank of England remains cautious regarding monetary policy easing. All of these factors have led to the exchange rate of the pair hovering at around the 1.2430 mark.
In terms of technical analysis, the situation around the pound is rather ambivalent. The doji candlestick formation indicates that neither bulls nor bears are in full control, leaving the pair’s direction largely unclear. This has left traders uncertain regarding its potential movements over the coming days and weeks.
Looking ahead, traders will likely continue to closely follow news around the Brexit negotiations. Any developments on this front could significantly sway the pair’s direction. Additionally, an announcement of monetary easing by the Bank of England may also push the pound higher.
Overall, the GBP/USD pair is facing conflicting price action as it hovers around the 1.2430 level. Traders are now closely watching the news regarding Brexit negotiations and the Bank of England’s stance on monetary policy easing, as they attempt to decipher its potential movements in the near future.