Pound Sterling Price News and Forecast: GBP/USD bounces off six-week low to snap three-day downtrend


GBP/USD consolidates losses above 1.3900 on Brexit relief, UK Retail Sales eyed

GBP/USD snaps three-day downtrend to early May lows while staying firmer around 1.3935 amid the initial Asian session trading on Friday. In doing so, the cable pair cheers mildly bid S&P 500 Futures as well as positive news concerning Brexit and the UK’s covid-led unlock.

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GBP/USD

Overview
Today last price 1.3942
Today Daily Change 0.0020
Today Daily Change % 0.14
Today daily open 1.3922
 
Trends
Daily SMA20 1.4131
Daily SMA50 1.4019
Daily SMA100 1.3937
Daily SMA200 1.3593
 
Levels
Previous Daily High 1.4009
Previous Daily Low 1.3896
Previous Weekly High 1.4191
Previous Weekly Low 1.4073
Previous Monthly High 1.4234
Previous Monthly Low 1.3801
Daily Fibonacci 38.2% 1.3939
Daily Fibonacci 61.8% 1.3966
Daily Pivot Point S1 1.3876
Daily Pivot Point S2 1.3829
Daily Pivot Point S3 1.3763
Daily Pivot Point R1 1.3989
Daily Pivot Point R2 1.4055
Daily Pivot Point R3 1.4102

 

GBP/USD: Gains are likely to be limited

GBPUSD initial break below 100 month moving average support at 1.4080/60 was very frustrating with an unexpected bounce back to 1.4132 before the pair collapsed on the Fed minutes. EURGBP remains in a triangle pattern from support at the May/June low at 8563/8558 to strong resistance at 8635/45. Both of which are holding perfectly so far this week. GBPNZD broke higher to 1.9864 but unexpectedly collapsed to 1.9700.

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