GBP/USD pauses after sell-off on Middle East crisis inspired USD haven demand
GBP/USD stalls and seesaws between tepid gains and losses in the 1.3280s on Wednesday after falling a whole cent on the previous day, when the US Dollar (USD) strengthened as a result of a rise in safe-haven flows due to an escalation of the conflict in the Middle East.
Despite recent losses, the GBP/USD is in an overall uptrend, which has seen it gain almost 5.0% from the early August lows. Read more…
GBP/USD Forecast: Pound Sterling could stretch lower in case 1.3250 support fails
GBP/USD turned south on Tuesday and lost nearly 0.7% on a daily basis. The pair edges higher toward 1.3300 in the European session on Wednesday but the technical outlook is yet to highlight a buildup of recovery momentum.
Following a bullish start to the week, the US Dollar (USD) continued to gather strength on Tuesday, forcing GBP/USD to push lower. The risk-averse market atmosphere amid escalating geopolitical tensions helped the USD outperform its rivals. Meanwhile, the US Bureau of Labor Statistics reported that the number of job openings on the last business day of August stood at 8.04, up from 7.71 million in July and above the market expectation of 7.65 million, further supporting the USD. Read more…
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