Pound Sterling Price News and Forecast: GBP/USD bears take a breather after sharp three-day fall [Video]

GBP/USD outlook: Bears take a breather after sharp three-day fall

Cable is holding within a narrow consolidation in early Wednesday’s trading as bears started to run out of steam after steep fall (down 1.85%) in past three days.

Tuesday’s break and close well below pivotal supports at 1.2846 (Fibo 76.4% of 1.2664/1.3434 / former base) and 1.2817 (200DMA) generated strong bearish signal. Markets await release of US inflation data for October (due later today) for fresh signals that keeps the pair in a quiet mode this morning. Read more…

GBP/USD Elliott Wave technical analysis [Video]

The Elliott Wave analysis for the GBPUSD daily chart from Trading Lounge highlights a bearish trend in the currency pair, driven by an impulsive wave structure. The current analysis identifies navy blue wave 1 as ongoing, signaling a continuation of the downward momentum within the broader bearish framework.

Currently positioned in gray wave 1, this impulsive movement suggests further price declines as the wave structure develops. …