Pound Sterling to start Q3 on the backfoot after the Bank of England put the August Meeting on the Radar for a Potential Cut. GBP emanates vulnerability
Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.36% 🇨🇦CAD: 0.16...EUR/GBP Q3 Technical Outlook: Euro to Outpace GBP in the Race to the Bottomhas exhibited significant volatility in the second quarter, yet it is concluding June near its April 1st opening level. Sterling experienced appreciation against various currencies in late April, but this momentum has subsided as the UK election approaches.
The second quarter’s trading range of 1.2300-1.2863 is set to hold in the third quarter with the pair likely testing the lower half of the range. Looking at the weekly chart, the 200-dsma and the 23.6% Fibonacci retracement are guarding 1.2863, while the 38.2% Fibonacci retracement level and the 20-dsma are currently being tested by sellers. GBP/USD looks likely to test lower levels in the coming weeks but should still respecting support at 1.2300.
EUR/GBP recently mad a near two-year low around 0.8400 and this is likely to be tested again. The late-July/early-August 2022 double low around 0.8340 is the next level of support and again this looks likely to be tested in the third quarter. Below here the March 2022 low at 0.8203 comes into play. The CCI indicator shows the pair heavily oversold, so a period of consolidation is likely. EUR/GBP is likely to establish a new trading range with 0.
We recommend that you seek independent advice and ensure you fully understand the risks involved before trading. Information presented by DailyFX Limited should be construed as market commentary, merely observing economical, political and market conditions. This information is made available for informational purposes only. It is not a solicitation or a recommendation to trade derivatives contracts or securities and should not be construed or interpreted as financial advice.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
British Pound (GBP) Latest – GBP/USD and EUR/GBP Technical OutlooksSterling continues to push higher against a range of currencies with GBP/USD eyeing a fresh three-month high and EUR/GBP a 22-month low.
Read more »
British Pound Weekly Forecast: Ranges Likely To Hold As Focus Moves To ECBSterling has risen as resilient inflation puts rate-cuts in doubt. Note, however, that the Bank of England is not alone in this dilemma
Read more »
Simgrade VX-PRO sim racing pedals review – the best pound-for-pound pedals on the marketRead our review of the Simgrade VX-PRO sim racing pedals including information on build quality, feel and value for money.
Read more »
UFC CEO Destroys Jon Jones' Critics: 'Shouldn't Be Ranking In the Pound-For Pound'The UFC CEO responded to Islam Makhachev's No. 1 ranking. Dana White feels Jon Jones is deserving of the top pound-for-pound spot.
Read more »
GBP/USD Forecast: Pound Sterling fails to attract buyers ahead of UK electionThe Pound Sterling (GBP) continued to weaken against the US Dollar (USD) for the fourth week in a row, dragging the GBP/USD pair to a six-week low just above 1.2600.
Read more »
GBP/USD Forecast: Pound Sterling losses mount on rising BoE rate-cut betsThe Pound Sterling (GBP) extended its losing streak against the US Dollar (USD) into the third straight week, knocking off GBP/USD to a fresh monthly low below 1.2650.
Read more »