The GBP\/USD pair tumbles to new three-day low as \u2018evening star\u2019 chart pattern emerges. Buyers\u2019 momentum begins to fade as RSI aims toward the 50-midline. If the pair drops below 1.2700, look for further losses; otherwise, bulls can challenge 1.2800.
The British Pound fell to a new weekly low against the Greenback on Wednesday as US Treasury bond yields continued to climb. Federal Reserve officials remained cautious and influenced traders’ expectations of just 25 basis points of rate cuts seen toward the end of 2024. The GBP\/USD trades at 1.2719, down 0.33%.
The GBP\/USD formed a three-candle chart formation called an \u2018evening star,\u2019 hinting that prices could tumble further. Momentum remains bullish, as depicted by the Relative Strength Index (RSI), but aims toward the 50-midline, which means that buyers are losing momentum.
On further weakness, if GBP\/USD drops below 1.2700, the pair could test the May 3 daily high turned support at 1.2634. Once cleared, the next support would be the 50-day moving average (DMA) at 1.2580, followed by the 200-DMA at 1.2539.
On the other hand, if buyers reclaim the current week’s high of 1.2777, further gains are seen above 1.2800, like the year-to-date (YTD) high of 1.2893.
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The GBP\/USD pair tumbles to new three-day low as \u2018evening star\u2019 chart pattern emerges. Buyers\u2019 momentum begins to fade as RSI aims toward the 50-midline. If the pair drops below 1.2700, look for further losses; otherwise, bulls can challenge 1.2800.The British Pound fell to a new weekly low against the Greenback on Wednesday as US …<\/p>\n","protected":false},"author":13,"featured_media":54454,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37,36],"tags":[7034,6984],"class_list":["post-101767","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","category-market-updates","tag-gbp-usd","tag-treasury-yields"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/101767","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=101767"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/101767\/revisions"}],"predecessor-version":[{"id":101801,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/101767\/revisions\/101801"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/54454"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=101767"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=101767"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=101767"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}