GBP/USD Price Analysis: Languishes near seven-month low, 38.2% Fibo./just above mid-1.2000s

The extremely oversold RSI on the daily chart holds back bearish traders from placing fresh bets.pair struggles to register any meaningful recovery and languishes near its lowest level since March 16, around the 1.2050 area touched the previous day.

The next relevant support is pegged near the 1.1965 horizontal zone, which if broken decisively will be seen as a fresh trigger for bearish traders. The subsequent downfall has the potential to drag spot prices further towards the 1.1915 region en route to the 1.1900 mark. The GBP/USD pair could eventually drop to the 1.1800 neighbourhood, or the YTD low touched in March, en route to the 50% Fibo. level support near the 1.1740-1.1735 area.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

GBP/USD Price Analysis: Poised to challenge the 1.2000 markGBP/USD fell to 1.2051, a seven-month low Tuesday as speculative interest rushed into the safe-haven US Dollar. The American currency rallied on renew
Source: FXStreetNews - 🏆 14. / 72 Read more »

Pound Sterling Price News and Forecast: GBP/USD is seen consolidating in a narrow bandThe GBP/USD pair struggles to register any meaningful recovery and languishes near its lowest level since March 16, around the 1.2050 area touched the
Source: FXStreetNews - 🏆 14. / 72 Read more »

GBP/USD Price Forecast: Pound Plunges Towards 1.20The pound weakened against the USD after US Treasury yields rallied coupled with some hawkish Fed speak which will continue today.
Source: DailyFX - 🏆 305. / 63 Read more »

Pound Sterling Price News and Forecast: GBP/USD remains under selling pressure near 1.2180The GBP/USD pair remains on the defensive below the 1.2200 barrier and trades in negative territory for the fifth consecutive week during the early Eu
Source: FXStreetNews - 🏆 14. / 72 Read more »

GBP/USD seems vulnerable below 1.2100, multi-month low on sustained USD buyingThe GBP/USD pair is seen oscillating in a narrow trading band below the 1.2100 mark and consolidating its recent losses to the lowest level since Marc
Source: FXStreetNews - 🏆 14. / 72 Read more »

GBP/USD consolidates below 1.2100 mark, seems vulnerable near multi-month lowThe GBP/USD pair extends its consolidative price move for the second successive day on Wednesday and remains well within the striking distance of the
Source: FXStreetNews - 🏆 14. / 72 Read more »