GBP/USD outlook: Steep decline extends through key support zone
Cable extends steep fall into fourth straight day and probes through key supports at 1.3140 zone (Fibo 38.2% of 1.2099/1.3788 rally / former higher base, consisting of May 11 and July 27 lows), hitting the lowest levels since mid-April.
Stronger dollar after Fed’s hawkish cut and fresh signals that BOE rate cut next week cannot be ruled out (against wide expectations to stay on hold), keep sterling under increased pressure. Read more…
Pound Sterling extends losing streak against US Dollar for fourth trading day
The Pound Sterling (GBP) extends its losing streak against the US Dollar (USD) for the fourth trading day on Friday. The GBP/USD pair trades near its fresh over six-month low of 1.3116 posted on Thursday. The Cable has been under pressure due to a strengthening US Dollar amid easing Federal Reserve (Fed) dovish speculation for the December policy meeting and optimism on a trade deal between the United States (US) and China.
At the press time, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades firmly near an almost three-month high around 99.70 posted on Thursday. Read more…
