Pound Sterling Price News and Forecast: GBP/USD continues to consolidate

FXStreet Team FXStreet

GBP/USD Price Analysis: Glides inside symmetrical triangle, 1.3580 support remains critical

GBP/USD continues to consolidate for the past few sessions with downside risk. The pair confides in a narrow trade band with small losses. At the time of writing, GBP/USD is trading at 1.3583, down 0.04% for the day. On the daily chart, after testing the high of 1.3913 on September 14, the GBP/USD pair lost momentum and continued with its existing short-term downside trend.

GBP/USD stays on the sidelines as negative risks still linger [Video]

GBPUSD continued its short consolidation phase marginally below the 20-day simple moving average (SMA), as it was unable to close decisively above the 1.3600 level over the past week. The 23.6% Fibonacci retracement of the 1.4248 – 1.3411 downtrend is currently keeping the bulls under control around 1.3608 as the technical picture is providing little hope for a change in the downbeat market sentiment.

EUR/USD edges lower below 1.1650 as Middle East tensions fuel US Dollar strength

The EUR/USD pair trades in negative territory around 1.1635 during the early Asian session on Thursday. The US Dollar strengthens against the Euro as escalating Middle East conflict boosts safe-haven flows. Traders brace for the Eurozone Retail Sales and US weekly Initial Jobless Claims reports, which will be released later on Thursday.

GBP/USD tests key moving averages as growth downgrade weighs

GBP/USD was nearly flat on Wednesday, edging up 0.08% to settle around 1.3370 in a quiet session. The pair has fallen sharply from its late-January high near 1.3870 and is now testing the 200-day Exponential Moving Average, with this week's one-week forex heatmap showing Pound Sterling as one of the worst performers against the US Dollar, down about 1.4% on the week.