Pound Sterling Price News and Forecast: GBP/USD fades recovery moves, the heaviest in one week
|GBP/USD: AUKUS, UK PM Johnson’s reshuffle test bulls around 1.3850, US Retail Sales eyed
GBP/USD struggles to keep the rebound from a weekly low of around 1.3850 during Thursday’s Asian session. The cable pair posted the heaviest upside in a week following a broad US dollar downside amid the risk-on mood. However, the latest challenges to the market sentiment and caution ahead of another important data to determine the Fed’s next move question the upside moves.
GBP/USD analysis: Finds support in 1.3800
The GBP/USD currency exchange rate found support in the 1.3800 level just after GMT midnight to Wednesday. At mid-day the pair was testing and piercing the resistance of the 55, 100 and 200-hour simple moving averages in the 1.3825/1.3840 zone.
If the pair manages to pass the resistance of the SMAs, it could once again test the weekly R1 simple pivot point at 1.3910 level. However, on its way up the GBP/USD might be slowed down by the 1.3900 mark.
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