Pound Sterling Price News and Forecast: GBP/USD extends sideways pattern between SMAs

FXStreet Team FXStreet

GBP/USD Forecast: Pound Sterling faces key hurdles as recovery continues

GBP/USD has regained its traction following a pullback in the Asian session and advanced toward 1.2100 early Tuesday. The pair's near-term technical outlook points to a buildup of bullish momentum and additional gains could be witnessed once it manages to clear two key hurdles at 1.2100 and 1.2120.

GBP/USD registered strong gains on Monday as the improving market mood and the disappointing January Durable Goods Orders from the US caused the US Dollar (USD) to weaken against its major rivals. Read more...

GBP/USD extends sideways pattern between SMAs

GBPUSD has been edging higher since September when it found its feet at the all-time low of 1.0324. However, this latest rebound seems to be fading after being rejected twice at the 1.2445 region, with the price remaining stuck in a tight range formed by its 50- and 200-day simple moving averages (SMAs).

Despite the pair’s rangebound pattern, the short-term oscillators are indicating that near-term risks remain tilted to the downside. Specifically, the RSI is pointing downwards after failing to cross above the 50-neutral mark, while the MACD histogram is currently below both zero and its red signal line. Read more...

GBP/USD climbs to 1.2100 amid Brexit optimism and softer USD, lacks follow-through

The GBP/USD pair reverses an intraday dip to the 1.2025 area and turns positive for the second straight day on Tuesday. The momentum lifts spot prices to a four-day high during the first half of the European session, with bulls now awaiting a sustained move beyond the 1.2100 round-figure mark.

The British Pound continues to draw support from the optimism over the confirmation of a final deal on the Northern Ireland protocol between the UK and EU. Apart from this, rising bets for additional rate hikes by the Bank of England (BoE), along with the emergence of some US Dollar selling, lend support to the GBP/USD pair. The upside, however, remains capped amid reports that the former UK Prime Minister Borish Johnson asked the Democratic Unionist Party (DUP) leaders to be cautious and think hard before backing the "Windsor framework". Read more...

GBP/USD

Overview
Today last price	1.2096
Today Daily Change	0.0038
Today Daily Change %	0.32
Today daily open	1.2058

Trends
Daily SMA20	1.2094
Daily SMA50	1.2147
Daily SMA100	1.1951
Daily SMA200	1.1928

Levels
Previous Daily High	1.2066
Previous Daily Low	1.1922
Previous Weekly High	1.2148
Previous Weekly Low	1.1928
Previous Monthly High	1.2448
Previous Monthly Low	1.1841
Daily Fibonacci 38.2%	1.2011
Daily Fibonacci 61.8%	1.1977
Daily Pivot Point S1	1.1965
Daily Pivot Point S2	1.1872
Daily Pivot Point S3	1.1821
Daily Pivot Point R1	1.2109
Daily Pivot Point R2	1.2159
Daily Pivot Point R3	1.2252

Author

FXStreet Team

FXStreet

EUR/USD stays well offered below 1.1800

The selling pressure on EUR/USD is picking up pace, with the pair slipping decisively below the key 1.1800 level and sliding to fresh two week lows as Wednesday’s session draws to a close. The move lower comes as the US Dollar finds renewed strength after the latest round of US data and the release of the FOMC Minutes. Next of note on the docket will be the US weekly Initial Jobless Claims.

GBP/USD reaches multi-day lows near 1.3500

GBP/USD reverses its initial upside momentum and is now adding to previous declines, approaching the 1.3500 region on Wednesday. Cable’s downtick comes on the back of decent gains in the Greenback and easing UK inflation figures, which seem to have reinforced the case for a BoE rate cut in March.

Gold battle to regain $5,000 continues

Gold is back on the front foot on Wednesday, shaking off part of the early week softness and challenging two-day highs near the $5,000 mark per troy ounce. The move comes ahead of the FOMC Minutes and is unfolding despite an intense rebound in the US Dollar.

Bitcoin has found or is near a bottom, extended consolidation to follow: K33

Bitcoin (BTC) is nearing or has already established a bottom, which could be followed by a sustained period of slow price movement, according to K33.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Sui extends sideways action ahead of Grayscale’s GSUI ETF launch

Sui is extending its downtrend for the second consecutive day, trading at 0.95 at the time of writing on Wednesday. The Layer-1 token is down over 16% in February and approximately 34% from the start of the year, aligning with the overall bearish sentiment across the crypto market.