Pound Sterling Price News and Forecast: GBP/USD Elliott Wave technical analysis [Video]

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GBP/USD Elliott Wave technical analysis [Video]

The ongoing Elliott Wave analysis for GBPUSD on the daily chart indicates a counter-trend structure featuring an impulsive wave (orange wave A) currently active within navy blue wave 2. This configuration suggests that orange wave A operates as a corrective phase within the broader downtrend and is nearing completion. When orange wave A finalizes, orange wave B is expected to initiate, leading to a temporary corrective phase or consolidation, diverging from the prevailing downtrend.

Navy blue wave 2 remains active, though it is nearing its endpoint, paving the way for the transition to orange wave B. In Elliott Wave theory, such a shift often implies a short-term reversal or a pause in the prevailing trend, providing traders insight into a likely corrective move. Read more...

GBP/USD Forecast: Pound Sterling struggles to clear strong resistance

After rising toward 1.3000 on Friday, GBP/USD lost its traction and closed the day marginally lower. The pair stays relatively quiet and moves sideways above 1.2950 in the European morning on Monday.

Although the upbeat market mood helped GBP/USD hold its ground in the European trading hours on Friday, rising US Treasury bond yields supported the US Dollar heading into the weekend, causing the pair to reverse its direction. Read more...

GBP/USD Weekly Forecast: Pound Sterling stays vulnerable, braces for action-packed week

The Pound Sterling (GBP) remained at its lowest level in over two months versus the US Dollar (USD), leaving the GBP/USD vulnerable below the 1.3000 threshold.

The demand for the safe-haven USD dominated throughout the week for varied reasons, including the heightened uncertainty leading into the November 5 US presidential election, rising Middle East geopolitical tensions and earnings season globally. Read more...

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FXStreet

EUR/USD looks weak below 1.1800

EUR/USD has slipped back under pressure, breaking through the 1.1800 support and drifting towards the weekly lows near 1.1770 ahead of the opening bell in Asia. The move reflects renewed strength in the US Dollar, with steady geopolitical tensions keeping its demand firm. Moving forward, the release of the German labour market report and flash inflation figures should keep European investors entertained on Friday.

GBP/USD threatens the 200-day SMA near 1.3440

GBP/USD rapidly leaves behind Wednesday’s strong advance, coming under heavy pressure and retesting the 1.3440 zone, where the critical 200-day SMA is located. Cable’s deep pullback follows the strong gains in the Greenback, while investors continue to pencil in a potential BoE rate cut in March.

Gold remains below $5,200 despite tariff jitters and geopolitical risks

Gold is seen consolidating in a range below the $5,200 mark during the Asian session on Friday amid mixed cues. Trade jitters, along with the risk of a potential US-Iran war, act as a tailwind for the safe-haven bullion. Meanwhile, the Fed's hawkish outlook keeps the US Dollar close to the monthly high and caps the non-yielding yellow metal. Nevertheless, the commodity remains on track to register gains for the fourth straight week, though the fundamental backdrop warrants some caution for bullish traders.