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 struggles to regain momentum in the low1.1600s

EUR/USD is giving some signs of life in the aftermath of two severe days of losses on Wednesday, reclaiming the 1.1600 hurdle and above on the back of the resurgence of a mild selling bias around the US Dollar. Moving forward, the usual US weekly Claims will take centre stage on Thursday ahead of Friday’s crucial NFP data.

GBP/USD appears bid around 1.3370

GBP/USD reverses part of its recent multi-day decline, gathering some balance and managing to reach the 1.3400 region, where some initial resistance seems to have turned up. Cable’s uptick comes in response to some loss of momentum in the Greenback despite the geopolitical scenario remaining fragile.

Gold recovers modestly despite intensifying Middle East crisis

Gold keeps its daily gains well in place, although a break above the $5,200 mark per troy ounce still remains elusive on Wednesday. The yellow metal’s rebound comes in response to the persistent flight-to-safety amid intense geopolitical tensions in the Middle East and the bearish performance of the US Dollar.