Pound Sterling Price News and Forecast: GBP/USD could retest an initial support
|GBP/USD Price Forecast: Rebounds from levels near three-month lows, 1.3200
GBP/USD inches higher after four days of losses, trading around 1.3270 during the Asian hours on Monday. The technical analysis of the daily chart indicates a persistent bearish bias, as the pair remains within the descending channel pattern.
The near-term bias is mildly bearish as the GBP/USD pair holds below both the nine-day and 50-day Exponential Moving Averages (EMAs), which continue to cap recovery attempts and frame a declining short-term trend. Additionally, the latest 14-day Relative Strength Index (RSI) reading near 41 stays below the 50 mid-line, confirming persistent downside momentum rather than exhaustion, while the sequence of lower closes over recent sessions reinforces selling pressure on upticks. Read more...
Pound Sterling declines against US Dollar as US ground invasion plans underpin risk-off mood
The Pound Sterling (GBP) trades lower against the US Dollar (USD) at around 1.3240 in the opening trade at the start of the week, the lowest level seen in almost two weeks. The GBP/USD pair faces selling pressure as fears of a potential United States (US) ground invasion in Iran have weighed on demand for riskier assets.
During the press time, S&P 500 futures are 0.5% down, reflecting a dismal market sentiment. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, extends its winning streak for the fifth trading day on Monday, rising to near 100.35. Read more...
GBP/USD Weekly Forecast: Pound Sterling remains vulnerable amid Mideast crisis
The Pound Sterling (GBP) showed some resilience against the US Dollar (USD), holding gains from the previous week’s recovery, when the Bank of England (BoE) opted for a hawkish hold. The pair’s outlook remains mildly bearish as US-Iran talks on a potential de-escalation or ceasfire remain clouded in uncertainty.
GBP/USD extended its bearish consolidation phase into a second straight week as the bull-bear tug-of-war continued in the face of looming risks surrounding the Middle East war and renewed expectations of BoE rate hikes this year. Read more...
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