Pound Sterling Price News and Forecast: GBP/USD breaks its two-day losses

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GBP/USD Price Analysis: Holds position above 1.2900; next support at 14-day EMA

GBP/USD breaks its two-day losses, trading around 1.2920 in Monday's Asian session. The analysis of the daily chart shows the pair lies within an ascending channel, signaling a bullish trend in the pair's price movements.

Moreover, the Moving Average Convergence Divergence (MACD), a momentum indicator, reflects short-term bullish momentum, with the MACD line above the centerline and the signal line. Additionally, the 14-day Relative Strength Index (RSI) sits above the 50 level, confirming the bullish trend. Read more...

GBP/USD sticks to modest recovery gains above 1.2900, lacks bullish conviction

The GBP/USD pair attracts some buyers during the Asian session on Monday and for now, seems to have stalled its corrective slide from the 1.3045 area, or a one-year peak touched last week. Spot prices currently trade around the 1.2930 region, up over 0.10% for the day, though remain close to a one-week low set last Friday.

The US Dollar (USD) kicks off the new week on a weaker note in reaction to the US political development over the weekend and turns out to be a key factor lending some support to the GBP/USD pair. Following a long week of political turmoil, US President Joe Biden stepped down from the 2024 Presidential election. This, in turn, increases the chances of Donald Trump becoming the next US President, which, along with bets that the Federal Reserve (Fed) will cut interest rates in September, boosts investors' appetite for riskier assets and undermines the safe-haven Greenback. Read more...

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EUR/USD appears supported by the 200-day SMA, for now

Following an early pullback to multi-week lows near 1.1670, EUR/USD now manages to reclaim the 1.1700 region as the NA session draws to a close on Monday. The steep retracement in spot follows the equally strong move higher in the US Dollar, as investors continue to assess the geopolitical landscape in the wake of the US and Israel attacks on Iran.

GBP/USD hits new yearly lows near 1.3300

GBP/USD adds to the recent bearish tone, approaching to the key 1.3300 support to reach fresh YTD troughs against the backdrop of the robust performance of the US Dollar. Indeed, Cable’s decline comes amid the firm demand for the safe-haven space in the wake of the US and Israel attacks to Iran.

Gold eases some ground, approaches $5,300

Gold now surrenders part of the earlier advance, reshifting its attenton to the $5,300 zone per troy ounce at the beginning of the week. Indeed, the yellow metal’s firm performance appears propped up by incresing geopolitical jitters in the Middle East, which at the same time fuels the demand for the safe-haven space.