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GBPUSD seesaws near a one-week high

November 8, 2022| Forex Market

GBPUSD retreats to 1.1500 despite UK’s political optimism, US inflation, British GDP eyed

GBPUSD struggles to extend the two-day uptrend during Tuesday’s Asian session, easing back to 1.1505, as bulls take a breather amid a light calendar. In doing so, the Cable pair fails to cheer the upbeat news from the UK while waiting for the week’s key events.

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GBPUSD outlook: The Cable extends advance, eyes 1.15 barrier

Cable surges above 1.14 handle in European trading on Monday, in extension of Friday’s bounce from strong support at 1.1150 (Fibo 38.2% of 1.0348/1.1645) where a double bottom was left. Fresh advance was sparked by renewed risk mode and so far retraced slightly over 61.8% of 1.1645/1.1146 bear-leg, generating a reversal signal.

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