TenkoFX - Analytics

    TenkoFX

    415.75 7.25/10
    68% of positive reviews
    Real

    GBP/USD downfall gains momentum, drops to 1.4400 handle Haresh Menghani

    The GBP/USD pair's attempted recovery from 1.4410 got sold into just below 1.4450 level and the major has now dropped to a fresh session low level, testing 1.4400 handle.
     
    With no major economic data slated for release either from UK or from the US, global flight to safety might continue supporting the safe-haven demand for the greenback. Moreover, worries over a possible ‘Brexit’ and its implication on the UK economy might continue to drive investors away from the British Pound, pointing to a possible further downslide for the GBP/USD major.Valeria Bednarik, Chief Analyst at FXStreet notes, "The upcoming week will be critical for currencies, with several Central Banks, including the BOE, scheduled to take their latest economic policy decisions. The kingdom will also publish its latest employment data, whilst the looming referendum will also take a huge roll in Pound's volatility."Technical outlookFurthermore, pointing to the bearish technical set-up for the GBP/USD pair, Valeria writes, "the pair presents a bearish intraday today, given that in the 4 hours chart, the technical indicators maintain their bearish slopes within negative territory, while the price has extended further below its moving averages, supporting  a continued decline towards the weekly low at 1.4351, on a break below 1.4410. ""Approaches to the 1.4460 should attract selling interest, although an upward acceleration beyond it can see the pair recovering up to the 1.4520 price zone."


    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree