GBP/USD Price Analysis: Stays defensive above 1.2000 as bears fear bumpy road ahead

GBP/USD picks up bids to reverses the early Asia losses, despite failing to gain traction above 1.2000. That said, the Cable pair seesaws around 1.2020-25 during Friday morning, following a two-day downtrend.

The quote’s latest weakness could be linked to the bear’s fears of a strong support ahead as the 200-DMA and 100-DMA join an upward-sloping support line from late November 2022 to challenge the pair’s further downside near 1.1940-20 area. Read more...

GBP/USD finds interest around 1.2000, downside seems favored ahead of US PCE Inflation

The GBP/USD pair has sensed a buying interest around 1.2000 in the early Asian session. The Cable has shown a minor recovery despite the weak risk appetite of the market participants. The rebound move by the Pound Sterling should be considered a pullback move for now as the downside bias is still intact amid geopolitical tensions.

S&P500 futures have eased some gains as US President Joe Biden looks confident about an arms deal between China and Russia to support Moscow in its battle against Ukraine. The Biden administration is considering releasing intelligence it believes shows that China is weighing whether to supply weapons to support Russia’s war in Ukraine, as reported by Wall Street Journal. Earlier, US Secretary of State Antony Blinken warned, in an interview with CBS News, “China is seriously exploring supplying arms to Russia.” Read more...