Pound Sterling Price News and Forecast: GBP/USD bulls retain control as BoE rate hike bets increase

FXStreet Team FXStreet

Technical analysis: GBP/USD nears 1.38 mark, bullish bearing intact

GBPUSD is pushing up against the upper Bollinger band, which is converging with the 100-day simple moving average (SMA) at 1.3801, trying to extend further the hike from the 9-month low of 1.3411. The 200-day SMA is endorsing a neutral tone, while the bearish demeanour in the 50- and 100-day SMAs seems to be easing.

The short-term oscillators are reflecting an increase in positive momentum in the pair. The MACD has advanced above its red trigger line and is currently flirting with the zero line, while the RSI is making headways in the bullish territory. The stochastic oscillator has resumed a positive charge with the %K line pushing into the overbought zone, which is promoting bullish price action in the pair. Read more...

GBP/USD Forecast: Bulls retain control as BoE rate hike bets increase

The GBP/USD pair closed the fourth straight trading day in the positive territory on Monday and has managed to preserve its bullish momentum during the European trading hours on Tuesday.

As investors remain focused on the Bank of England's (BoE) policy outlook in the absence of Brexit-related developments, the British pound continues to outperform its rivals. At the time of press, GBP/USD was trading at its highest level in a month a tad below 1.3800. Read more...

GBP/USD pierces 1.3800, hits fresh monthly high above 1.3830

The GBP/USD pair continued to push higher during the European trading hours and reached its strongest level in a month at 1.3832. As of writing, the pair was up 0.75% at 1.3828. The heavy selling pressure surrounding the greenback on Tuesday seems to be fueling the pair's rally. In the absence of high-tier macroeconomic data releases, the risk-positive market environment is making it difficult for the dollar to find demand. The US Dollar Index was last seen losing 0.42% on the day at 93.55.

Later in the session, September Housing Starts and Building Permits data will be featured in the economic docket. In the meantime, the US stock index futures are up between 0.35% and 0.45%, suggesting that risk flows are likely to continue to dominate the financial markets in the second half of the day. Read more...

GBP/USD

Overview
Today last price	1.3824
Today Daily Change	0.0097
Today Daily Change %	0.71
Today daily open	1.3727

Trends
Daily SMA20	1.3621
Daily SMA50	1.3716
Daily SMA100	1.3815
Daily SMA200	1.3847

Levels
Previous Daily High	1.3766
Previous Daily Low	1.3709
Previous Weekly High	1.3773
Previous Weekly Low	1.3568
Previous Monthly High	1.3913
Previous Monthly Low	1.3412
Daily Fibonacci 38.2%	1.3731
Daily Fibonacci 61.8%	1.3744
Daily Pivot Point S1	1.3702
Daily Pivot Point S2	1.3678
Daily Pivot Point S3	1.3646
Daily Pivot Point R1	1.3759
Daily Pivot Point R2	1.379
Daily Pivot Point R3	1.3815

Author

FXStreet Team

FXStreet

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