“Let the bodies pile high” is better than having another lockdown – these insensitive comments attributed to UK Prime Minister Boris Johnson refuse to die down. Downing Street’s denials were rebuffed by additional sources and they put the PM in a pickle.
Having to deal with scandals may hobble the government’s efforts to push the economy forward despite the impressive vaccination campaign. That is weighing on the pound. Johnson’s issues fill the gap for traders, who are anxious ahead of the Federal Reserve’s decision on Wednesday. The world’s most powerful central bank could be forced to acknowledge that America’s economic boom may force it to taper its bond-buying scheme as soon as this year. That is the prerequisite for raising rates. Read more…
GBPUSD is flirting with the 1.3869 level, which happens to be the 23.6% Fibonacci retracement of the up leg from 1.2674 until the 34-month high of 1.4236 after the price pullback found some footing off the 100-day simple moving average (SMA). The bullish SMAs are shielding the positive structure, while the slowed incline of the 50-day SMA is endorsing a more neutral-to-bullish tone.
The conflicting signals in sentiment in the short-term oscillators are indicating a phase of weak directional momentum. The MACD is holding marginally above its red trigger and zero lines, while the RSI is striving to remain in the bullish region. The stochastic %K line has turned upwards and is suggesting some fading in negative price impetus. Read more…
GBP/USD is under 1.39 as US yields make their way up. Boris’ bodies’ remarks make the pound powerless ahead of Powell while Tuesday’s 4-hour chart is showing bears are improving their positions, Yohay Elam, an Analyst at FXStreet, briefs.
“‘Let the bodies pile high’ is better than having another lockdown – these insensitive comments attributed to UK Prime Minister Boris Johnson refuse to die down. Having to deal with scandals may hobble the government’s efforts to push the economy forward despite the impressive vaccination campaign. That is weighing on the pound.” Read more…
