GBPUSD continues its losing streak, will it come back?
Updated
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This week has been a heavy performance for the GBP/USD pair as both the Federal Reserve (Fed) and the Bank of England (BoE) are preparing to make interest rate decisions in the middle of the week. The British Pound (GBP) is fighting for its position against the US Dollar (USD) as investors prepare their positions.
From a technical standpoint, the GBP/USD exchange rate has been trading sideways at the beginning of this week. The currency pair started near 1.2400 and has been struggling to find momentum ever since. Intraday action shows that the exchange rate has been fluctuating between 1.2400 and 1.2380.
This week has been a heavy performance for the GBP/USD pair as both the Federal Reserve (Fed) and the Bank of England (BoE) are preparing to make interest rate decisions in the middle of the week. The British Pound (GBP) is fighting for its position against the US Dollar (USD) as investors prepare their positions.
From a technical standpoint, the GBP/USD exchange rate has been trading sideways at the beginning of this week. The currency pair started near 1.2400 and has been struggling to find momentum ever since. Intraday action shows that the exchange rate has been fluctuating between 1.2400 and 1.2380.
Note
good luckNote
In case Wall Street opens on a bullish note and main equity indexes push higher, the USD could stay on the back foot. GBP/USD could limit its losses in that scenario but a decisive move to the north could be hard to come by.Note
GU is having its first upward steps as a technical indicatorNote
Inflation in the UK, as measured by the change in the Consumer Price Index (CPI), edged lower to 6.7% on a yearly basis in August from 6.8% in July, the UK's Office for National Statistics reported on Wednesday.Note
GU has fallen to the support zone as a technical indicator, continuing to trade at a low level
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