GBP/USD Price Analysis: Bulls have thrown in the towel, a break of 1.2450 will be key
GBP/USD was under pressure at the end of the week and has fallen towards a key area of support on the four-hour charts, in line with the bearish bias from a daily perspective. The following illustrates the market structure across the said time frames and prospects for further downside.
GBP/USD Weekly Forecast: Bulls bide time ahead of the all-important US inflation
Bears took over in a holiday-shortened US Nonfarm Payrolls week, prompting GBP/USD to book the first weekly loss in three. Cable failed to capitalize, despite the ongoing corrective decline in the US dollar, as the market mood soured following the release of worrying inflation data and a negative growth outlook for the UK. Bulls now await the critical inflation data due in the week ahead for fresh trading impulse.