Pound Sterling Price News and Forecast: GBP/USD bulls step in on the back of USD weakness
|GBP/USD bulls take on the downtrend in the $1.37s
GBP/USD is trading near 1.3720 at the time of writing, virtually flat on the day following a sharp rally to the upside the prior day. The pound has been regarded as a risk currency due to its twin deficits which leave it vulnerable to bouts of risk-off and vice versa at times of risk-on.
Markets have recovered following concerns of late over timings of the Federal reserve's tapering and the rapid resurgence of the coronavirus in a new delta variant.
GBP/USD Price Analysis: Bulls attack key Fibonacci retracement level above 1.3700
GBP/USD bulls take a breather around 1.3720, after the biggest daily jump in six weeks, amid the initial Asia session on Tuesday. In doing so, the cable pair battles a 61.8% Fibonacci retracement level of July 20–30 upside. Given the bullish MACD signals and the pair’s U-turn from July lows, GBP/USD buyers are likely to overcome the 1.3730 immediate hurdle.
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