Pound Sterling Price News and Forecast: GBP/USD approaching critical support

FXStreet Team FXStreet

GBP/USD analysis: Reaches below 1.3750

The 1.3820 level provided enough resistance for the GBP/USD to pass below the lower trend line of the channel down pattern, which guided the rate since June 23. During Friday's trading hours, the rate fluctuated sideways near the 1.3750 mark. In theory, the pair should decline, as it has no technical support as low as the 1.3677 level, where the weekly S2 simple pivot point was located at. However, support could be provided by round exchange rate levels like the 1.3740, 1.3720 and most importantly the 1.3700 mark. Read more...

GBP/USD Weekly Forecast: Approaching critical support, Fed minutes and Delta could down cable

GBP/USD has been on the back foot mostly due to dollar strength. Fed meeting minutes, UK GDP and virus headlines are set to rock cable. Early July´s daily chart is showing bears have limited room to run. The FX Poll is pointing to short term falls and recovery afterward. Where will the dollar rally halt? A mix of factors has been boosting the greenback – which seems unstoppable, especially as the pound has had its share of issues. Minutes from the Fed – the main dollar driver – and the Delta covid variant remain in the limelight. Read more...

GBP/USD recovers further on Friday as the US dollar retreats

Greenback holds onto daily losses during Friday’s American session. US employment data triggers correction of the dollar. GBP/USD up on Friday, but down for the week. The GBP/USD is hovering near 1.3800 after a sharp recovery from 1.3730, the lowest level since mid-April. The pair bottomed immediately after the release of the US employment report and then bounced to the upside as the greenback reversed, falling across the board. Read more...

GBP/USD

Overview
Today last price	1.3835
Today Daily Change	0.0068
Today Daily Change %	0.49
Today daily open	1.3767

Trends
Daily SMA20	1.3989
Daily SMA50	1.4029
Daily SMA100	1.3951
Daily SMA200	1.3645

Levels
Previous Daily High	1.3835
Previous Daily Low	1.3753
Previous Weekly High	1.4001
Previous Weekly Low	1.3787
Previous Monthly High	1.4249
Previous Monthly Low	1.3787
Daily Fibonacci 38.2%	1.3784
Daily Fibonacci 61.8%	1.3804
Daily Pivot Point S1	1.3735
Daily Pivot Point S2	1.3703
Daily Pivot Point S3	1.3653
Daily Pivot Point R1	1.3817
Daily Pivot Point R2	1.3867
Daily Pivot Point R3	1.3899

Author

FXStreet Team

FXStreet

EUR/USD accelerates losses, focus is on 1.1800

EUR/USD’s selling pressure is gathering pace now, opening the door to a potential test of the key 1.1800 region sooner rather than later. The pair’s pullback comes on the back of marked gains in the US Dollar following US data releases and the publication of the FOMC Minutes later in the day.

GBP/USD turns negative near 1.3540

GBP/USD reverses its initial upside momentum and is now adding to previous declines, revisiting at the same time the 1.3540 region on Wednesday. Cable’s downtick comes on the back of decent gains in the Greenback and easing UK inflation figures, which seem to have reinforced the case for a BoE rate cut in March.

Gold picks pace, flirts with $5,000

Gold is back on the front foot on Wednesday, shaking off part of the early week softness and pushing higher towards the key $5,000 mark per troy ounce. The move comes ahead of the FOMC Minutes and is unfolding despite an intense rebound in the US Dollar.

Fed Minutes to shed light on January hold decision amid hawkish rate outlook

The Minutes of the Fed’s January 27-28 monetary policy meeting will be published today. Details of discussions on the decision to leave the policy rate unchanged will be scrutinized by investors.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Sui extends sideways action ahead of Grayscale’s GSUI ETF launch

Sui is extending its downtrend for the second consecutive day, trading at 0.95 at the time of writing on Wednesday. The Layer-1 token is down over 16% in February and approximately 34% from the start of the year, aligning with the overall bearish sentiment across the crypto market.