Pound Sterling Price News and Forecast: GBP/USD bulls regain control and aim at 1.3040 and 1.3150

FXStreet Team FXStreet

GBP/USD Forecast: BOE may compound the Fed and trigger greater downfall

The Brexit bonanza has proved short-lived – Pound bulls prematurely celebrated Prime Minister Boris Johnson's climbdown before the Federal Reserve sent the safe-haven dollar higher. Now it is the Bank of England's turn to move cable – and potentially tilt it lower.

PM Johnson agreed to compromise with the "rebels" in his Conservative Party by agreeing to more robust parliament oversight over the Internal Markets bill. This legislation – which is set to receive the House of Commons' approval next week – knowingly violated the Brexit accord with the EU. Read More...

GBP/USD bulls regain control and aim at 1.3040 and 1.3150

The GBP/USD is building a well balanced uptrend channel. The bulls took over control when price broke through the resistance zone (dotted orange) and 144 ema. But can they push price action up higher?

The GBP/USD have the upper hand at the moment. And they are expected to keep it. A break above the resistance Fractal (red box) confirms the uptrend continuation. The main target is the long-term moving average and 38.2% Fibonacci retracement level of the 4 hour chart at 1.3040. Read More...

GBP/USD refreshes session tops, still below 1.3000 mark as focus remains on BoE

The GBP/USD pair managed to recover the early lost ground and was last seen trading near the top end of its daily trading range, around the 1.2970-75 region.

The pair witnessed some selling through the first half of the trading action on Thursday and extended the previous day's retracement slide from the key 1.3000 psychological mark, or weekly tops. The US dollar added to the post-FOMC recovery move and got an additional boost from weaker global risk sentiment. This, in turn, was seen as a key factor exerting pressure on the GBP/USD pair. Read More...

GBP/USD

Overview
Today last price	1.2959
Today Daily Change	-0.0009
Today Daily Change %	-0.07
Today daily open	1.2968

Trends
Daily SMA20	1.312
Daily SMA50	1.2986
Daily SMA100	1.2708
Daily SMA200	1.2733

Levels
Previous Daily High	1.3007
Previous Daily Low	1.2875
Previous Weekly High	1.3279
Previous Weekly Low	1.2763
Previous Monthly High	1.3396
Previous Monthly Low	1.2982
Daily Fibonacci 38.2%	1.2957
Daily Fibonacci 61.8%	1.2926
Daily Pivot Point S1	1.2893
Daily Pivot Point S2	1.2818
Daily Pivot Point S3	1.2761
Daily Pivot Point R1	1.3025
Daily Pivot Point R2	1.3082
Daily Pivot Point R3	1.3156

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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