Pound Sterling Price News and Forecast: GBP/USD is expected to smash 1.1200

FXStreet Team FXStreet

GBP/USD aims to recapture 1.1200 ahead of US ISM Manufacturing PMI data

The GBP/USD pair is struggling to smash the immediate hurdle of 1.1200 in the early Tokyo session. The cable has displayed a modest upside move after the termination of the corrective move to near 1.1022. The major is expected to continue its lackluster performance in the 1.1100-1.1170 range and will later display a bullish imbalanced move.

GBP/USD

Overview
Today last price	1.114
Today Daily Change	-0.0027
Today Daily Change %	-0.24
Today daily open	1.1167

Trends
Daily SMA20	1.1303
Daily SMA50	1.1702
Daily SMA100	1.1978
Daily SMA200	1.2593

Levels
Previous Daily High	1.1235
Previous Daily Low	1.1025
Previous Weekly High	1.1235
Previous Weekly Low	1.0339
Previous Monthly High	1.1738
Previous Monthly Low	1.0339
Daily Fibonacci 38.2%	1.1155
Daily Fibonacci 61.8%	1.1105
Daily Pivot Point S1	1.105
Daily Pivot Point S2	1.0933
Daily Pivot Point S3	1.084
Daily Pivot Point R1	1.1259
Daily Pivot Point R2	1.1352
Daily Pivot Point R3	1.1469

GBP/USD Weekly Forecast: Pound's fate depends on market confidence in UK government

It has been a crazy volatile week for the British pound following the presentation of the highly controversial mini-budget. After having plunged to a new all-time low of 1.0340 at the beginning of the week, GBP/USD reversed its direction and advanced beyond 1.1200 early Friday. Although the pair lost its bullish momentum ahead of the weekend, it ended up closing the week in positive territory.

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 battles to retain the positive momentum

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.