FX.co ★ Tote | GBP/USD

GBPUSD Weekly Chart Analysis: The GBP/USD pair is still activity despite printing minor losses and backtracking from its weekly high. GBP/USD lowers weekly gains at 1.33929, reflecting cable traders' anxiety ahead of crucial US and UK data early on Friday. The quote attempts to defend the challenges of the recession and the Federal Reserve's (Fed) aggressive stance. However, the Bank of England's (BoE) officials are unable to convince the markets of their hawkish leaning, which is impacting GBP/USD pricing, and the market's concerns about an economic downturn are adding to the negative factors influencing the UK economy. During the Asian session, the GBP/USD pair abandoned the round-level support of 1.33929. Cable has lost more than half of its gains from Thursday due to selling pressure. The British pound (CPI) is under more downward pressure as a result of investors' reinforcement of the risk-aversion theme before to the release of the US Consumer Price Index. A lack of strength among the bulls of the pound sterling is shown by the Relative Strength Index (RSI) (14) failing to hold the bullish region of 60.00-80.00. If the Cable keeps falling below the February 9 low at 1.33469, the asset will be forced down the January 3 bottom at 1.31929 and then into horizontal support put up from the January 6 low at 1.31369. Conversely, a break above the January 24 low point at 1.35597 will encourage a positive reversal and move the Cable toward the February 2 high end at 1.36929. If the latter is broken, the major will hit its January 23 peak at 1.37374.