Pound Sterling Price News and Forecast: GBP/USD loses grip on 1.34 as Fed hawks stay in charge
GBP/USD Price Forecast: Declines below 1.3400 as bearish momentum persists below 100-day SMA
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Pound Sterling Price News and Forecast: GBP/USD attracts slight bids below trendline near 1.3360
GBPUSD managed to resume the drop after the Bank of England held its official bank rate. As we see from the chart, the market is facing resistances at 1.3410 and 1.3475, where as long as prices hold below one of those resistances, more of a drop is expected towards the 1.3140-60 zone.
GBP/USD Price Forecast: Attracts slight bids below trendline near 1.3360
Sterling has come under heavy pressure following last month's rejection from major resistance, with the decline gathering momentum through September. The latest move has materially weakened the near-term technical picture and brought GBP/USD to an important inflection point where the bears will need further confirmation to sustain the decline.
Pound Sterling Price News and Forecast: GBP/USD loses its footing as BoE hold meets Fed hike
GBPUSD seems building a downtrend channel where market support is around 1.3370 and resistance at 1.3500. As we see over the chart, the market could hold this trading channel.
British Pound: Oversold Sterling still seen weaker against US Dollar – UOB
GBP/USD Price Forecast: Trades vulnerable below 1.3400 ahead of BoE's policy decision
Looking at the 4-hour chart, the pair settled well below 1.3500, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The decline was such that the pair even slipped below the 1.618 Fib extension level of the upward move from the 1.3474 swing low to the 1.3568 high.