Pound Sterling Price News and Forecast: GBP/USD fails to extend the corrective pullback from weekly low – FXStreet
GBP/USD treads water around 1.2265 during the early Asian session on Thursday, after failing to extend the recovery from a weekly low beyond 1.2315. The cable pair’s latest inaction could be the mixed plays, as well as cautious sentiment ahead of the preliminary PMIs for June month from the UK and the US.
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GBPUSD is now trading at 1.22 – near the psychological low of 1.2000, where it received critical support in 2017 and 2020. But that support may not survive the third test of strength due to an increasingly threatening gap between inflation and interest rates, which would devalue debt. But this is a risky policy that could undermine confidence in the financial system, which will require decisive and brutal measures for the economy to restore.
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EUR/USD is trading close to 1.0550, extending the rebound in the European session. The US dollar extends the pullback amid a firmer risk tone. on Friday. Germany’s IFO business morale fell in June while markets scaled back ECB rate hike bets. US data awaited.
GBP/USD is holding higher ground near 1.2300, benefiting from risk-on sentiment-led broad US dollar weakness. Investors shrug off the mixed UK May Retail Sales and political woes. Conservative Party lost two Parliamentary seats in the by-elections.
The R-word is back, prompting markets to scale back aggressive rate hike expectations from major central banks worldwide. Cooling hawkish expectations is helping calm investors’ nerves, weighing negatively on the safe-haven US dollar at the expense of gold price.
Terra’s LUNA price is still in an unfortunate situation. Buying early may not be the best idea, but the technicals should continue under surveillance for potential entries.
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June 24, 2022 at 03:32AM