GBPUSD tried to breach the psychological barrier at 1.2500 and re-establish itself within the 1.2488-1.2892 range. But its efforts proved unsuccessful, with the pair charting a new lower low of 1.2405 during Tuesday’s early trading hours – the lowest level since November 2023.
The bears might take a breather soon as the stochastic oscillator has reached its previous support area below 20, and the RSI is hovering around the 30 oversold level, suggesting the bulls could be on their way. Read more…
GBP/USD staged a rebound toward 1.2450 after setting a new multi-month low near 1.2400 earlier in the day on Tuesday. The technical outlook suggests that the pair’s bearish bias remains intact.
The data published by the UK’s Office for National Statistics (ONS) showed that the ILO Unemployment Rate rose to 4.2% in the three months to February from 4%. In the same period, annual wage inflation, as measured by the changed in the Average Earnings Including Bonus, held steady at 5.6%. Pound Sterling struggled to benefit from this report, as the unexpected increase in the unemployment rate offset any potential gains the currency could register on the persistent wage inflation reading. Read more…
