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.

GBP/USD loses momentum, flirts with 1.3200

GBP/USD is struggling to maintain its positive bias on Thursday, retreating toward the 1.3200 region in response to the pick in the buying interest around the Greenback. That said, Cable remains under scrutiny as cautious market sentiment keeps investors focused on the US-Iran conflict and political effervescence in the UK.

EUR/USD trims gains, challenges 1.1400

EUR/USD now gives away part of its earlier advance, receding toward the 1.1400 contention zone on Thursday. Meanwhile, the pair’s recovery comes amid extra losses in the US Dollar, at the time when while investors continue to monitor developments in the Middle East and sentiment surrounding global technology stocks.

Gold remains bid and close to $4,100

Gold accelerates its recovery and approaches the key $4,000 mark per troy ounce at the end of the week, adding to Thursday’s advance. However, expectations for a hawkish Fed remain steady and keep the yellow metal’s potential upside contained.

Crypto Today: Bitcoin at $60,000, Ethereum at $1,500, and XRP at $1 face a make-or-break test

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are trading in the red on Friday after three consecutive days of losses, testing their respective make-or-break support levels.

Week ahead – NFP report to challenge Dollar strength and the hawkish Fed

Dollar strength dominates markets, as the hawkish Fed overshadows geopolitics and lower oil prices. NFP week could drive September Fed hike expectations and boost market volatility. The euro lacks fresh bullish catalysts, all eyes on the preliminary inflation report and the ECB Forum.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.