Pound Sterling Price News and Forecast: GBP/USD triangle pattern offers plenty of trading ideas

GBP/USD Forecast: 1.2500 mark holds the key for bulls

The GBP/USD pair had some good two-way price moves on Thursday and finally settled in the red, erasing the previous day's modest gains. The British pound initially struggled to gain any meaningful traction despite better-than-expected UK jobs report, which showed that the unemployment rate remained unchanged at 3.9% during the three months to May. Adding to this, the number of people claiming jobless benefits unexpectedly fell by 28.1K in June as against expectations of a 250K increase, albeit did little to impress bulls.

Weaker global risk sentiment drove some haven flows towards the US dollar. This, in turn, was seen as one of the key factors exerting some pressure on the major. Investors remain concerned about the ever-increasing number of COVID-19 cases globally, which overshadowed the recent optimism over a potential vaccine for the highly contagious disease. This coupled with worsening US-China relations further dented investors' appetite for perceived riskier assets and led to a fresh leg down in the global equity markets. Read More...

GBP/USD triangle pattern offers plenty of trading ideas

The GBP/USD is stuck between the support and resistance trend lines. There is also 144 ema support and 21 ema resistance holding it back. Is the Cable building a triangle pattern?

The GBP/USD bearish breakout below support could in any case confirm a larger correction. Another bullish bounce at the support trend line would increase the chances of an ABCDE (purple) triangle pattern taking place. The bearish correction could also be an ABC zigzag pattern. In that case, price needs to break the support trend line (red arrows). Read More...

GBP/USD remains confined in a range, around mid-1.2500s

The GBP/USD pair lacked any firm directional bias and seesawed between tepid gains/minor losses through the first half of the trading action on Friday.

Following some good two-way price moves witnessed over the past couple of trading session, the GBP/USD pair now seems to have stabilised and was seen oscillating in a range near mid-1.2500s. The downside remained cushioned on the back of some renewed US dollar selling bias, though the uptick lacked any strong bullish conviction. Read More...