GBP/USD Outlook: No signs of bearish exhaustion yet, remains vulnerable to slide further by HareshMenghani gbpusd bearish
Friday’s dismal UK macro data weighed on the GBP and exerted pressure amid sustained USD buying.
On the other hand, the US dollar shot to a more than two-year high amid firming expectations that the Fed would tighten itsat a faster pace to combat stubbornly high inflation. The bets were reaffirmed after Fed Chair Jerome Powell all but confirmed a 50 bps rate hike at the upcoming policy meeting on May 3-4 and hinted at consecutive increases this year.
On the flip side, the 1.2825-1.2830 region now seems to act as an immediate hurdle, above which a bout of short-covering has the potential to lift the pair back towards the 1.2900 mark. Any further recovery will likely attract fresh selling and remain capped near the 1.2960-1.2965 region. This is followed by the 1.3000 mark, which should act as a pivotal point for short-term traders.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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