GBP/USD bears regain control
GBPUSD has taken a negative turn again after its strong bullish start to the month failed to break above the 1.2500 resistance and the 50-day simple moving average (SMA). The pair couldn’t sustain levels above its 20-day SMA on Monday and is currently seeking support from a short-term trendline at 1.2350. With technical signals leaning to the bearish side, a continuation lower seems more likely as the Fed chief is heading to Capitol Hill for a two-day testimony.
Additional losses could initially pause within the 1.2235-1.2270 constraining zone. If selling interest persists, the price could challenge the bottom of its September-December downtrend at 1.2100-1.2160. Failure to pivot there could spark a decline towards the 1.2000 psychological level, with the 1.1935 territory, last seen in February-March 2023, also coming into sight. Read more…
GBP/USD Forecast: Pound Sterling turns bearish as important support fails
GBP/USD struggles to gain traction and trades in a tight channel slightly above 1.2350 after closing in the negative territory on Monday. The pair’s technical outlook points to a buildup of bearish momentum as markets turn cautious while waiting for headlines surrounding US President Donald Trump’s trade policy and Federal Reserve (Fed) Chairman Jerome Powell’s testimony.
Late Monday, US President Donald Trump has signed an order to impose a sweeping 25% tariff on all steel and aluminum imports into the US. He further noted that his administration will look into tariffs on automobiles, microchips, and pharmaceuticals next. Trump is expected to share details on his reciprocal tariff plan “on many countries” this Tuesday or Wednesday. Read more…
