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GBP/USD took advantage of the broad US Dollar (USD) weakness on Monday and climbed to its highest level in a month above 1.2590. The pair faces next resistance at 1.2600 and the near-term technical outlook suggests that there could be a downward correction before the next leg higher.
The upbeat market mood at the beginning of the week doesn’t allow the safe-haven USD to stay resilient against its main competitors, helping GBP/USD to stay afloat in positive territory. The UK’s FTSE 100 Index rises 0.3% and US stock index futures gain between 0.1% and 0.3% in the European session. Read more …
The GBP/USD pair has turned sideways around 1.2580 after an upside move in the early London session. The Cable is making efforts for resuming its upside journey and recapture the round-level resistance of 1.2600 as the US Dollar Index (DXY) has shown a corrective move after facing stiff barricades around the 103.70 resistance.
S&P500 futures have added more gains in the European session as the odds of a neutral interest rate policy stance by the Federal Reserve (Fed) are skyrocketing. Overall market sentiment is quite positive as a pause in the policy-tightening spell by Fed chair Jerome Powell is easing fears of a recession in the United States. A report from Goldman Sachs shows that the possibility of a recession in the US economy has been trimmed to 25% from prior chances of 35%. Read more …
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