Pound Sterling Price News and Forecast: GBP/USD bulls step in on the back of USD weakness

FXStreet Team FXStreet

GBP/USD bulls take on the downtrend in the $1.37s

GBP/USD is trading near 1.3720 at the time of writing, virtually flat on the day following a sharp rally to the upside the prior day. The pound has been regarded as a risk currency due to its twin deficits which leave it vulnerable to bouts of risk-off and vice versa at times of risk-on.

Markets have recovered following concerns of late over timings of the Federal reserve's tapering and the rapid resurgence of the coronavirus in a new delta variant.

GBP/USD

Overview
Today last price	1.3716
Today Daily Change	-0.0005
Today Daily Change %	-0.04
Today daily open	1.3721

Trends
Daily SMA20	1.3834
Daily SMA50	1.3838
Daily SMA100	1.3922
Daily SMA200	1.3794

Levels
Previous Daily High	1.3732
Previous Daily Low	1.3612
Previous Weekly High	1.3879
Previous Weekly Low	1.3602
Previous Monthly High	1.3984
Previous Monthly Low	1.3572
Daily Fibonacci 38.2%	1.3686
Daily Fibonacci 61.8%	1.3658
Daily Pivot Point S1	1.3645
Daily Pivot Point S2	1.3569
Daily Pivot Point S3	1.3526
Daily Pivot Point R1	1.3764
Daily Pivot Point R2	1.3808
Daily Pivot Point R3	1.3884

GBP/USD Price Analysis: Bulls attack key Fibonacci retracement level above 1.3700

GBP/USD bulls take a breather around 1.3720, after the biggest daily jump in six weeks, amid the initial Asia session on Tuesday. In doing so, the cable pair battles a 61.8% Fibonacci retracement level of July 20–30 upside. Given the bullish MACD signals and the pair’s U-turn from July lows, GBP/USD buyers are likely to overcome the 1.3730 immediate hurdle.

EUR/USD flirts with three-day lows near 1.1570

EUR/USD resumes its march south on Thursday, revisting the 1.1570 region, or three-day lows, ahead of the opening bell in Asia. The intense sell-off in the pair comes in response to the solid performance of the US Dollar amid the still unresolved crisis in the Middle East. Moving forward, investors are expected to shift their focus to the release of the US NFP on Friday.

GBP/USD stays offered near 1.3340

GBP/USD fades Wednesday’s uptick and trades with decent losses in the 1.3340 zone in the latter part of Thursday’s session. Cable’s weakness, alongside the rest of the risk complex, follows the strong performance of the Greenback amid intense geopolitical jitters.

Gold: further weakness could challenge $5,000

Gold comes under fresh selling pressure on Thursday, slipping back below the $5,100 mark per troy ounce. Persistent strength in the US Dollar (USD) is preventing the yellow metal from building a meaningful recovery, even as markets remain risk-averse amid the deepening conflict in the Middle East.

XRP rises as crypto market steadies despite Middle East war

Ripple (XRP) continues to demonstrate notable resilience as the cryptocurrency market navigates the persistent war in the Middle East after the United States (US) and Israel attacked Iran on Saturday.

Two PMIs, two Chinas

China’s economic data are often treated with a degree of caution by global investors. The challenge is not necessarily that the numbers are incorrect, but that they can describe very different parts of a vast and complex economy. Nowhere is that more evident than in China’s PMIs.