Pound Sterling Price News and Forecast: GBP/USD

FXStreet Team FXStreet

GBP/USD Weekly Forecast: Pound Sterling weakens as BoE August rate cut hangs in the balance

The Pound Sterling (GBP) extended its losing streak against the US Dollar (USD) into the third straight week, knocking off GBP/USD to a fresh monthly low below 1.2650.

GBP/USD witnessed good two-way business in the past week, staging a modest recovery in the first half of the week before surrendering to sellers following Thursday's Bank of England (BoE) policy announcements. Read more...

GBP/USD bears flirt with 100-day SMA, retain control near the lowest level since mid-May

The GBP/USD pair kicks off the new week on a subdued note and remains well within the striking distance of its lowest level since mid-May touched on Friday. Spot prices currently trade around the 1.2635 area, with bears awaiting a sustained break and acceptance below the 100-day Simple Moving Average (SMA) before positioning for an extension of the recent pullback from a multi-month peak.

The British Pound (GBP) continues to be undermined by the Bank of England's (BoE) dovish pause last week, which lifted bets for an interest rate cut at the August monetary policy meeting. Adding to this, the flash UK PMIs released on Friday showed that private sector business activity expanded in June at its slowest rate since last November. This, along with some follow-through US Dollar (USD) buying, turns out to be another factor weighing on the GBP/USD pair. Read more...

GBP/USD

Overview
Today last price	1.2638
Today Daily Change	-0.0006
Today Daily Change %	-0.05
Today daily open	1.2644

Trends
Daily SMA20	1.2737
Daily SMA50	1.2624
Daily SMA100	1.264
Daily SMA200	1.2556

Levels
Previous Daily High	1.2676
Previous Daily Low	1.2623
Previous Weekly High	1.274
Previous Weekly Low	1.2623
Previous Monthly High	1.2801
Previous Monthly Low	1.2446
Daily Fibonacci 38.2%	1.2643
Daily Fibonacci 61.8%	1.2656
Daily Pivot Point S1	1.2619
Daily Pivot Point S2	1.2594
Daily Pivot Point S3	1.2565
Daily Pivot Point R1	1.2672
Daily Pivot Point R2	1.2701
Daily Pivot Point R3	1.2726

Author

FXStreet Team

FXStreet

EUR/USD revisits 1.1780, or daily lows

EUR/USD now comes under further selling pressure, breaking below the 1.1800 support to reach daily troughs on Thursday. The pair’s decline comes in response to a sudden bout of USD strength amid steady geopolitical tensions. Ealier in the day, the ECB’s Lagarde delivered cautious remarks, although the currency remained apathetic.

GBP/USD makes a U-turn, challenges 1.3500

GBP/USD rapidly leaves behind Wednesday’s strong advance, putting the 1.3500 support to the test on Thursday. Cable’s deep pullback follows the strong gains in the Greenback, while investors continue to pencil in a potential BoE rate cut in March.

Gold sticks to the bid bias, flirts with $5,200

Gold is now facing some downside pressure, hovering around the $5,170 region on Thursday. The precious metal adds to Wednesday’s optimism despite the Greenback trades in a firm fashion, although geopolitical tensions in the Middle East keep the yellow metal bid for now.