Pound Sterling attracts some dip-buyers on Monday amid a softer USD

FXStreet Team FXStreet

GBP/USD Weekly Forecast: Pound Sterling hit by increasing risk-off sentiment, strong Dollar

The Pound Sterling (GBP) accelerated its south run against the US Dollar (USD), knocking the GBP/USD pair to levels unseen since late November 2023.

Mounting fears over a fully blown-out war in the Middle East combined with a hawkish shift in the US Federal Reserve (Fed) interest-rate outlook doubled up the demand for the US Dollar at the expense of the Pound Sterling. The underlying cautious environment throughout the week weighed on the risk currencies such as the British Pound. Read more...

GBP/USD rebounds from YTD trough, steadily climbs back closer to 1.2400 mark

The GBP/USD pair stages a modest recovery from the 1.2365-1.2360 area, or its lowest level since November 14 touched during the Asian session on Monday and for now, seems to have snapped a two-day losing streak. The uptick is supported by a modest US Dollar (USD) downtick and lift spot prices back closer to the 1.2400 mark in the last hour, though any meaningful upside still seems elusive.

Iran signaled that it has no plans to retaliate against the Israeli limited-scale missiles strike on Friday, easing fears about a further escalation of tensions in the Middle East. This, in turn, boosts investors' confidence, which, in turn, is seen undermining the safe-haven Greenback and acting as a tailwind for the GBP/USD pair. Meanwhile, expectations that the Federal Reserve (Fed) will keep rates higher for longer in the wake of still-sticky inflation in the US help limit the USD downside and might cap the major. Read more...

GBP/USD

Overview
Today last price	1.2387
Today Daily Change	0.0014
Today Daily Change %	0.11
Today daily open	1.2373

Trends
Daily SMA20	1.2561
Daily SMA50	1.2638
Daily SMA100	1.2657
Daily SMA200	1.2569

Levels
Previous Daily High	1.2468
Previous Daily Low	1.2367
Previous Weekly High	1.2499
Previous Weekly Low	1.2367
Previous Monthly High	1.2894
Previous Monthly Low	1.2575
Daily Fibonacci 38.2%	1.2406
Daily Fibonacci 61.8%	1.243
Daily Pivot Point S1	1.2337
Daily Pivot Point S2	1.2301
Daily Pivot Point S3	1.2236
Daily Pivot Point R1	1.2438
Daily Pivot Point R2	1.2504
Daily Pivot Point R3	1.254

Author

FXStreet Team

FXStreet

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.