Pound Sterling Price News and Forecast: GBP/USD accumulates minor gains

FXStreet Team FXStreet

GBP/USD rebounds toward 1.3900 as USD weakens

GBP/USD extends the previous two day’s gains in Wednesday’s Asian session. The pair trades in a very narrow trade band and awaits for confirmation. At the time of writing, GBP/USD is trading at 1.3879, up 0.04% for the day.

The US Dollar Index (DXY), which tracks the greenback performance against its six major rivals, trades below 92.50, with 0.17% losses. Investors remain nervous about the Fed’s interests rate decision.

GBP/USD

Overview
Today last price	1.3883
Today Daily Change	0.0004
Today Daily Change %	0.03
Today daily open	1.3879

Trends
Daily SMA20	1.3797
Daily SMA50	1.3961
Daily SMA100	1.3924
Daily SMA200	1.3723

Levels
Previous Daily High	1.3894
Previous Daily Low	1.3767
Previous Weekly High	1.3787
Previous Weekly Low	1.3572
Previous Monthly High	1.4249
Previous Monthly Low	1.3787
Daily Fibonacci 38.2%	1.3846
Daily Fibonacci 61.8%	1.3816
Daily Pivot Point S1	1.3799
Daily Pivot Point S2	1.3719
Daily Pivot Point S3	1.3672
Daily Pivot Point R1	1.3927
Daily Pivot Point R2	1.3974
Daily Pivot Point R3	1.4054

Technical analysis: Will the GBP/USD retreat reverse?

The GBPUSD technical analysis of the price chart on a 1-hour timeframe shows GBPUSD: H1 is retracing above the 200-period moving average MA(200) which is falling itself. We believe the bearish movement will continue after the price breaches below the lower bound of the Donchian channel at 1.3765. A level below this can be used as an entry point for placing a pending order to sell. The stop loss can be placed above 1.3828. After placing the order, the stop loss is to be moved to the next fractal high indicator, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.

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