Pound Sterling Price News and Forecast: GBP/USD correcting lower, but bulls retain control

FXStreet Team FXStreet

GBP/USD keeps the longest weekly rally in three years above 1.4100

GBP/USD steps back from an intraday high of 1.4150 to 1.4138 during Thursday’s Asian session. Even so, the cable prints mild gains on a day while rising for the sixth consecutive week, the biggest run-up since 2018, by press time. While tracing the moves, the Daily Mail’s headlines suggesting easy money in next week’s British Budget are likely the key catalysts.

GBP/USD

Overview
Today last price	1.4131
Today Daily Change	-0.0006
Today Daily Change %	-0.04
Today daily open	1.4137

Trends
Daily SMA20	1.3842
Daily SMA50	1.3692
Daily SMA100	1.3436
Daily SMA200	1.3112

Levels
Previous Daily High	1.4243
Previous Daily Low	1.4082
Previous Weekly High	1.4036
Previous Weekly Low	1.383
Previous Monthly High	1.3759
Previous Monthly Low	1.3451
Daily Fibonacci 38.2%	1.4182
Daily Fibonacci 61.8%	1.4144
Daily Pivot Point S1	1.4065
Daily Pivot Point S2	1.3994
Daily Pivot Point S3	1.3905
Daily Pivot Point R1	1.4226
Daily Pivot Point R2	1.4315
Daily Pivot Point R3	1.4387

GBP/USD Forecast: Correcting lower, but bulls retain control

The GBP/USD pair hit 1.4237 during Asian trading hours, a level that was last seen in April 2018. The pair, however, gave up quickly afterwards to end the day with modest gains around the 1.4120 level. The pound continues to outperform its major rivals when the greenback enters sell-off mode, as the speed of the coronavirus immunization campaign hints at a sooner economic comeback.

AUD/USD hangs near three-week low, below 0.6950 as traders await US NFP report

AUD/USD hits a three-week low during the Asian session on Friday as the RBA’s dovish shift and a rout in equity markets weigh on the risk-sensitive Aussie. However, the recent slump in US bond yields to a two-month low keeps US Dollar bulls on the back foot and limits losses for the currency pair as traders look to the US NFP report for a fresh impetus.

USD/JPY bounces off three-week low; keeps the red near 157.65 as focus remains on US NFP

USD/JPY bounces off the weekly low set during the Asian session, as bears turn cautious ahead of the US NFP report due later this Friday. The upside seems limited as the recent slump in US bond yields and hopes of Iran war de-escalation undermine the US Dollar. Moreover, a hawkish BoJ and intervention risks support the Japanese Yen, capping the pair.

Gold loses the grip; $4,000 comes next on the downside

Gold sets aside two daily advances in a row on Friday, opening the door to a potential test of the key $4,000 mark per troy ounce. The precious metal’s retracement follows a decent improvement in the sentiment surrounding the US Dollar, solid NFP data and higher US Treasury yields across the board.

Democrats win House and Senate in US midterms: Why isn’t all bad news for crypto

The biggest story this week was Tuesday’s US midterm elections, which saw Democrats win control of both the House and the Senate in a clear blue wave. This political shift in the US has triggered sharp price swings across the cryptocurrency market.

Week ahead – Inflation and geopolitics in focus as US political landscape shifts

Post-midterm election euphoria fizzles out as risk aversion prevails. US CPI, PPI and Fedspeak on the radar as Fed hike bets remain supported. Oil retreat pauses on mixed hopes about the ongoing conflicts.

US Dollar breaks below 101.50 as Democrats sweep Congress

The US Dollar (USD) comes under heavy selling pressure on Wednesday, with the US Dollar Index (DXY) falling around 0.5% to trade near 101.35 after sliding below the 101.50 level. The Greenback retreats to its lowest level in four weeks as investors reassess the political and economic outlook following the Democratic Party's sweeping victory in the United States (US) midterm elections.