Pound Sterling Price News and Forecast: GBP/USD in a third week of declines? Delta, data and dollar

FXStreet Team FXStreet

GBP/USD outlook: Bulls regain traction but more evidence needed to signal reversal

Cable regained traction on Friday after negative tone prevailed during this week, with three-day drop ending with a hammer candle that generated initial bullish signal. Fresh advance nearly fully reversed losses of this week but needs lift above pivotal barriers at 1.3887/97 (falling 20DMA / Fibo 61.8% of 1.4001/1.3731 bear-leg) to confirm reversal signal and open way for stronger recovery. Formation of bullish engulfing today would add to positive tone, but stall of 19-d momentum rally on approach to centreline and subsequent descend, warn that recovery may run out of steam. Read more...

GBP/USD Weekly Forecast: A third week of declines? Delta, data and dollar strength promise action

GBP/USD has failed to take advantage of the upcoming UK reopening. Inflation data on both sides of the pond, UK jobs and US retail sales predict major movement ahead. Mid-July's daily chart shows bears remain in the lead. The FX Poll is pointing to a gradual upward move. King Dollar reigned supreme, almost regardless of bond yields and some Fed caution. Top-tier US consumer data and Britain's jobs report are now eyed – alongside growing fears of the Delta variant on both sides of the pond. Read more...

GBP/USD quickly erodes 50-pips, turns south towards 1.3800

GBP/USD rises for the first time in four trading days. Risk recovery offsets poor UK data, Brexit, covid woes. DXY weakness boosts the cable but London fix weighs. GBP/USD runs into fresh supply into the London fix on Friday, quickly giving away nearly 50-pips to turn back towards the 1.3800 level. Read more...

GBP/USD

Overview
Today last price	1.3853
Today Daily Change	0.0068
Today Daily Change %	0.49
Today daily open	1.3785

Trends
Daily SMA20	1.3902
Daily SMA50	1.4019
Daily SMA100	1.3947
Daily SMA200	1.3669

Levels
Previous Daily High	1.3806
Previous Daily Low	1.3742
Previous Weekly High	1.394
Previous Weekly Low	1.3732
Previous Monthly High	1.4249
Previous Monthly Low	1.3787
Daily Fibonacci 38.2%	1.3766
Daily Fibonacci 61.8%	1.3782
Daily Pivot Point S1	1.3749
Daily Pivot Point S2	1.3714
Daily Pivot Point S3	1.3685
Daily Pivot Point R1	1.3813
Daily Pivot Point R2	1.3842
Daily Pivot Point R3	1.3877

Author

FXStreet Team

FXStreet

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD softens below 1.1750 amid ECB rate hold expectations

The EUR/USD pair declines to around 1.1730 during the early European session on Wednesday, pressured by renewed US Dollar demand. Nonetheless, the potential downside for the major pair might be limited amid the growing acceptance that the European Central Bank is done cutting interest rates.

When is the UK CPI inflation data and how could it affect GBP/USD?

The United Kingdom Office for National Statistics will publish the highly relevant Consumer Price Index (CPI) data for November on Wednesday at 07:00 GMT. GBP/USD is likely to stay subdued if UK CPI meets expectations. However, any upside surprise could cap losses by tempering dovish sentiment ahead of the Bank of England’s policy decision on Thursday.

Gold: Bulls await breakout through multi-day-old range amid Fed rate cut bets

Gold attracts fresh buyers during the Asian session on Wednesday, though it remains confined in a multi-day-old trading range amid mixed fundamental cues. The global risk sentiment remains on the defensive amid economic woes and fears of the AI bubble burst. Moreover, dovish US Federal Reserve expectations lend support to the non-yielding yellow metal, though a modest US Dollar uptick might cap any further appreciating move.

Bitcoin, Ethereum and Ripple extend correction as bearish momentum builds

Bitcoin, Ethereum, and Ripple remain under pressure as the broader market continues its corrective phase into midweek. The weak price action of these top three cryptocurrencies by market capitalization suggests a deeper correction, as momentum indicators are beginning to tilt bearish.

Ukraine-Russia in the spotlight once again

Since the start of the week, gold’s price has moved lower, but has yet to erase the gains made last week. In today’s report we intend to focus on the newest round of peace talks between Russia and Ukraine, whilst noting the release of the US Employment data later on day and end our report with an update in regards to the tensions brewing in Venezuela.

AAVE slips below $186 as bearish signals outweigh the SEC investigation closure

Aave (AAVE) price continues its decline, trading below $186 at the time of writing on Wednesday after a rejection at the key resistance zone. Derivatives positioning and momentum indicators suggest that bearish forces still dominate in the near term.