Pound Sterling Price News and Forecast: GBP/USD dropped the most in a week

FXStreet Team FXStreet

GBP/USD remains defensive below 1.3850, UK job data eyed

GBP/USD extends the previous day’s sluggish momentum and trades quietly on Tuesday morning. After testing the high of 1.3888 on Friday, the pair continued to remain submissive near 1.3850.

The sterling has been influenced by a combination of other factors ranging from risk appetite to covid and Brexit headlines, despite the surprise call from the Bank of England (BOE).

GBP/USD

Overview
Today last price	1.381
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	1.381

Trends
Daily SMA20	1.377
Daily SMA50	1.3807
Daily SMA100	1.3916
Daily SMA200	1.383

Levels
Previous Daily High	1.3913
Previous Daily Low	1.3804
Previous Weekly High	1.3889
Previous Weekly Low	1.3726
Previous Monthly High	1.3958
Previous Monthly Low	1.3602
Daily Fibonacci 38.2%	1.3846
Daily Fibonacci 61.8%	1.3871
Daily Pivot Point S1	1.3771
Daily Pivot Point S2	1.3733
Daily Pivot Point S3	1.3662
Daily Pivot Point R1	1.3881
Daily Pivot Point R2	1.3952
Daily Pivot Point R3	1.399

GBP/USD downside eyeing space south of $1.38 to $1.3751

In the shape of a hammer candlestick formation (bullish signal), supply-turned demand at $1.3629-1.3456 on the weekly timeframe stepped forward in July. The aforementioned zone, as you can see, remains active, welcoming an additional test mid-August. Yet, pattern traders will also note August’s move closed south of a double-top pattern’s neckline at $1.3664, consequently broadcasting a bearish warning.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD drops to daily lows near 1.1630

EUR/USD now loses some traction and slips back to the area of daily lows around 1.1630 on the back of a mild bounce in the US Dollar. Fresh US data, including the September PCE inflation numbers and the latest read on December consumer sentiment, didn’t really move the needle, so the pair is still on course to finish the week with a respectable gain.

GBP/USD trims gains, recedes toward 1.3320

GBP/USD is struggling to keep its daily advance, coming under fresh pressure and retreating to the 1.3320 zone following a mild bullish attempt in the Greenback. Even though US consumer sentiment surprised to the upside, the US Dollar isn’t getting much love, as traders are far more interested in what the Fed will say next week.

Gold makes a U-turn, back to $4,200

Gold is now losing the grip and receding to the key $4,200 region per troy ounce following some signs of life in the Greenback and a marked bounce in US Treasury yields across the board. The positive outlook for the precious metal, however, remains underpinned by steady bets for extra easing by the Fed.