Pound Sterling Price News and Forecast: GBP/USD extends pullback from two-month top

FXStreet Team FXStreet

GBP/USD retreats towards 1.3500 as Brexit, yield favor bears ahead of UK/US PMIs

GBP/USD consolidates recent losses around a two-month top, refreshing intraday low to 1.3545 during Thursday’s Asians session. The cable pair took a U-turn from highest levels since early November the previous day after the US Federal Open Market Committee (FOMC) Meeting Minutes conveyed hawkish bias of the policymakers, suggesting a faster rate-hike and plans to discuss balance-sheet normalization.

GBP/USD

Overview
Today last price	1.3544
Today Daily Change	-0.0006
Today Daily Change %	-0.04
Today daily open	1.355

Trends
Daily SMA20	1.3368
Daily SMA50	1.3406
Daily SMA100	1.3558
Daily SMA200	1.3743

Levels
Previous Daily High	1.3599
Previous Daily Low	1.3523
Previous Weekly High	1.355
Previous Weekly Low	1.3393
Previous Monthly High	1.355
Previous Monthly Low	1.3161
Daily Fibonacci 38.2%	1.357
Daily Fibonacci 61.8%	1.3552
Daily Pivot Point S1	1.3515
Daily Pivot Point S2	1.3481
Daily Pivot Point S3	1.3439
Daily Pivot Point R1	1.3591
Daily Pivot Point R2	1.3633
Daily Pivot Point R3	1.3667

GBP/USD analysis: Remains below December high

Starting from Tuesday up to the middle of Wednesday's trading, the resistance zone at 1.3550/1.3557 continued to hold, as the GBP/USD was making its third attempt at breaking it. Previous forecast scenarios remained unchanged.

EUR/USD trims losses, back to 1.1830

EUR/USD manages to regain some composure, leaving behind part of the earlier losses and reclaim the 1.1830 region on Tuesday. In the meantime, the US Dollar’s upside impulse loses some momentum while investors remain cautious ahead of upcoming US data releases, including the FOMC Minutes.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

Crypto Today: Bitcoin, Ethereum, XRP upside looks limited amid deteriorating retail demand

The cryptocurrency market extends weakness with major coins including Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trading in sideways price action at the time of writing on Tuesday.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.