Pound Sterling Price News and Forecast: GBP/USD bearish bias remains intact while below 21-SMA

FXStreet Team FXStreet

GBP/USD Analysis: Bears looking to seize control below descending triangle support

The GBP/USD pair struggled to capitalize on its post-BoE positive move and witnessed heavy selling on Friday amid a broad-based US dollar strength. Stronger-than-expected US monthly jobs report fueled speculations that the Fed could start tapering its asset purchases later this year, which, in turn, provided a strong lift to the greenback. In fact, the headline NFP print showed that the US economy added 943K new jobs in July, surpassing even the most optimistic estimates. Adding to this, the previous month's reading was also revised higher to 938K from 850K reported earlier. Read more...

GBP/USD Price Analysis: Bearish bias remains intact while below 21-SMA

GBP/USD is fading an uptick to daily highs of 1.3891, although remains well off the weekly lows at 1.3855 in early European dealings.

The retreat in the US dollar across the board helps the rebound in the cable but the risk-off market mood spoils the party for the bulls.

Despite the renewed upside, the pair remains exposed to downside risks amid expectations of earlier Fed’s tapering, looming Brexit concerns and the UK political jitters. Read more...

GBP/USD set to plunge towards the 1.3571 July low – Commerzbank

Downside risk remains for the cable below the 1.4018 pivot. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the GBP/USD pair to fall towards the 1.3571 July low.

“GBP/USD spent last week consolidating below the 61.8% Fibonacci retracement at 1.3990. We look for the market to remain capped by the 1.4018 pivot and we would allow for failure.” Read more...

GBP/USD

Overview
Today last price	1.3863
Today Daily Change	-0.0009
Today Daily Change %	-0.06
Today daily open	1.3872

Trends
Daily SMA20	1.3832
Daily SMA50	1.392
Daily SMA100	1.3923
Daily SMA200	1.3758

Levels
Previous Daily High	1.3933
Previous Daily Low	1.3861
Previous Weekly High	1.3958
Previous Weekly Low	1.3861
Previous Monthly High	1.3984
Previous Monthly Low	1.3572
Daily Fibonacci 38.2%	1.3889
Daily Fibonacci 61.8%	1.3906
Daily Pivot Point S1	1.3844
Daily Pivot Point S2	1.3817
Daily Pivot Point S3	1.3773
Daily Pivot Point R1	1.3916
Daily Pivot Point R2	1.3961
Daily Pivot Point R3	1.3988

Author

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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