GBP/USD forecast: the pound bounces but remains vulnerable
The GBP/USD was under strong bearish pressure on Wednesday and lost around 0.8%. The pair experiences a rebound early on Thursday, but quotes well below 1,3700. The markets will maintain a close monitoring of political developments in the United Kingdom and examine the US June Employment Report.
The refusal of the British Prime Minister, Keir Starmer, to ensure that the Minister of Finance, Rachel Reeves, will remain in her position until the next elections caused a massive sale of bonds of the United Kingdom government during the European session on Wednesday, which caused the sterling pound to weaken in front of its main rivals. Read more…
GBP/USD Perspective: The cable falls abruptly due to political turbulence in the United Kingdom
The sterling pound fell on all fronts on Wednesday after a new political storm in the United Kingdom, After the budget plan of the Reeves Minister of Finance was strongly affected by a series of significant changes in the well -being reform project that undermined the position of the Reeves Minister of Finance, as well as that of Prime Minister Starmer, who gave her full support to the finance minister.
The new weakness (the cable fell almost 1% in the day) adds to the reversal signal that is being developed in the daily graph, since today’s action was formed in a long bearish candle, after the TEP recorded six consecutive daily gains. Read more…
Elliott GBP/USD wave analysis [Video]
Elliott wave analysis for GBPUSD in the daily chart indicates a upward market configuration. The torque is showing impulsive behavior, pointing to a strong bullish impulse. The current wave counting marks the Gray Wave 3 within the Orange Wave 5, suggesting a dynamic segment of the upward structure where third waves are known for their powerful price action. Read more…
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
