Pound Sterling Price News and Forecast: GBP/USD bearish bias stays intact below 1.1550

FXStreet Team FXStreet

GBP/USD outlook: Pound remains in red ahead of appointment of Britain's new prime minister

Cable hits new 29-month low on Monday, in extension of bearish acceleration in past three weeks, a part of larger downtrend.

The pound remains under strong pressure on risk aversion, driven by growing economic and geopolitical tensions that continues to lift dollar.

Today’s top event will be appointment of the UK’s new prime minister, with wide expectations that Liz Truss, current foreign minister and front runner to replace Boris Johnson, will be named as Britain’s next PM. If appointed, Truss will face a number of huge obstacles, as the country has been in a series of crisis since 2015 when Conservatives came on power. Read more...

GBP/USD Forecast: Bearish bias stays intact below 1.1550

GBP/USD has managed to erase a large portion of its daily losses after having dropped to its weakest level since March 2020 at 1.1447 during the Asian trading hours on Monday. As investors wait for the Chairman of the 1922 Committee to announce the new British Prime Minister, the pair stays below 1.1500. The near-term technical outlook points to oversold conditions but sellers are likely to dominate the action unless 1.1550 turns into support.

The negative shift witnessed in risk sentiment amid the deepening energy crisis in the euro area provided a boost to the greenback and weighed on GBP/USD. Read more...

GBP/USD: Sellers to dominate the action unless 1.1550 turns into support

GBP/USD has managed to erase a large portion of its daily losses after having dropped to its weakest level since March 2020. But bearish bias stays intact below 1.1550, FXStreet’s Eren Sengezer reports.

“Liz Truss is widely expected to win the Conservative Party leadership race. The market action is likely to be muted because participants want to see what the new PM will do to help households amid surging energy costs. Moreover, Brexit remains an unresolved issue that is likely to make it difficult for the pound to stage a decisive rebound.” Read more...

GBP/USD

Overview
Today last price	1.1488
Today Daily Change	-0.0022
Today Daily Change %	-0.19
Today daily open	1.151

Trends
Daily SMA20	1.1884
Daily SMA50	1.1984
Daily SMA100	1.2233
Daily SMA200	1.2791

Levels
Previous Daily High	1.1589
Previous Daily Low	1.1496
Previous Weekly High	1.1761
Previous Weekly Low	1.1496
Previous Monthly High	1.2294
Previous Monthly Low	1.1599
Daily Fibonacci 38.2%	1.1532
Daily Fibonacci 61.8%	1.1554
Daily Pivot Point S1	1.1474
Daily Pivot Point S2	1.1439
Daily Pivot Point S3	1.1381
Daily Pivot Point R1	1.1567
Daily Pivot Point R2	1.1625
Daily Pivot Point R3	1.166

Author

FXStreet Team

FXStreet

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