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

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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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EUR/USD appears supported by the 200-day SMA, for now

Following an early pullback to multi-week lows near 1.1670, EUR/USD now manages to reclaim the 1.1700 region as the NA session draws to a close on Monday. The steep retracement in spot follows the equally strong move higher in the US Dollar, as investors continue to assess the geopolitical landscape in the wake of the US and Israel attacks on Iran.

GBP/USD hits new yearly lows near 1.3300

GBP/USD adds to the recent bearish tone, approaching to the key 1.3300 support to reach fresh YTD troughs against the backdrop of the robust performance of the US Dollar. Indeed, Cable’s decline comes amid the firm demand for the safe-haven space in the wake of the US and Israel attacks to Iran.

Gold eases some ground, approaches $5,300

Gold now surrenders part of the earlier advance, reshifting its attenton to the $5,300 zone per troy ounce at the beginning of the week. Indeed, the yellow metal’s firm performance appears propped up by incresing geopolitical jitters in the Middle East, which at the same time fuels the demand for the safe-haven space.