Pound Sterling Price News and Forecast: GBP/USD closes in on key support area

FXStreet Team FXStreet

GBP/USD Forecast: Pound Sterling closes in on key support area

After ending the previous week in negative territory, GBP/USD stays under bearish pressure early Monday and trades deep in negative territory below 1.3600. A key support area for the pair seems to have formed at 1.3560-1.3550.

GBP/USD turned south in the second half of the previous week, pressured by the political jitters in the UK and a renewed US Dollar (USD) strength on the upbeat employment data. Early Monday, the negative shift seen in risk mood allows the USD to stay resilient against its peers and makes it difficult for the pair to find a foothold. Read more...

GBP/USD Weekly Outlook: Pound Sterling to seek multi-year highs as Fed Minutes and UK GDP loom

The Pound Sterling (GBP) stretched its recovery mode and hit its highest since October 2021 against the US Dollar (USD) before sellers jumped in and sent the GBP/USD pair back toward the 1.3650 region.

After a stellar performance, spanning almost two weeks, GBP/USD buyers took a breather as exhaustion set in. The main driver again was the dynamics of the US Dollar, but the British bond market jitters were also felt midweek, undermining the recent bullish momentum in the currency pair. Read more...

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