Pound Sterling Price News and Forecast: GBP/USD correcting lower, but bulls retain control

FXStreet Team FXStreet

GBP/USD keeps the longest weekly rally in three years above 1.4100

GBP/USD steps back from an intraday high of 1.4150 to 1.4138 during Thursday’s Asian session. Even so, the cable prints mild gains on a day while rising for the sixth consecutive week, the biggest run-up since 2018, by press time. While tracing the moves, the Daily Mail’s headlines suggesting easy money in next week’s British Budget are likely the key catalysts.

GBP/USD

Overview
Today last price	1.4131
Today Daily Change	-0.0006
Today Daily Change %	-0.04
Today daily open	1.4137

Trends
Daily SMA20	1.3842
Daily SMA50	1.3692
Daily SMA100	1.3436
Daily SMA200	1.3112

Levels
Previous Daily High	1.4243
Previous Daily Low	1.4082
Previous Weekly High	1.4036
Previous Weekly Low	1.383
Previous Monthly High	1.3759
Previous Monthly Low	1.3451
Daily Fibonacci 38.2%	1.4182
Daily Fibonacci 61.8%	1.4144
Daily Pivot Point S1	1.4065
Daily Pivot Point S2	1.3994
Daily Pivot Point S3	1.3905
Daily Pivot Point R1	1.4226
Daily Pivot Point R2	1.4315
Daily Pivot Point R3	1.4387

GBP/USD Forecast: Correcting lower, but bulls retain control

The GBP/USD pair hit 1.4237 during Asian trading hours, a level that was last seen in April 2018. The pair, however, gave up quickly afterwards to end the day with modest gains around the 1.4120 level. The pound continues to outperform its major rivals when the greenback enters sell-off mode, as the speed of the coronavirus immunization campaign hints at a sooner economic comeback.

EUR/USD keeps the offered stance just above 1.1700

EUR/USD is coming under heavy selling pressure in what has been a rather grim start to the new trading week, with the pair now trading close to the 1.1700 support area as the US Dollar stages a solid rebound. The prevailing flight to safety mood continues to favour the Greenback, as investors react to the escalating conflict in the Middle East and trim risk exposure across the board.

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 trims losses, back below $5,400

Gold now surrenders part of the earlier advance past the $5,400 mark per troy ounce at the beginning of the week. Indeed, the precious metal’s strong uptick remains fuelled by increasing geopolitical tensions in the Middle East amid the intense demand for safer assets.