Pound Sterling Price News and Forecast: GBP/USD faces resistance near 1.3930, holds to modest gains

FXStreet Team FXStreet

GBP/USD Weekly Forecast: UK GDP, Delta covid strain woes may exacerbate BOE-led pain

GBP/USD hit by dovish BOE, Delta plus covid strain despite Fed’s mixed signals. The cable’s fate hinges on UK quarterly GDP, Brexit updates and US data. GBP/USD decline is far from over, speculative interest aims to 1.3660. Central banks’ monetary policy signals from both sides of the Atlantic dominated GBP/USD’s price action in the aftermath of the Fed-led 300-pip blow witnessed a week ago. Going forward, GBP/USD will look for some temporary reprieve from the UK’s quarterly GDP amid renewed Brexit optimism. However, the rapid spread of the Delta plus covid strain in Britain could threaten the already delayed economic reopening, which may exacerbate the pain in the pound. Read more...

GBP/USD faces resistance near 1.3930, holds to modest weekly gains

Pound still weak across the board after the dovish hold from the Bank of England. GBP/USD up for the week, still under the 20-WMA. The GBP/USD trimmed losses during Friday's American session, boosted by a decline of the US dollar across the board. Cable rose back above 1.3900 and climbed to 1.3930. It continues to move sideways, with the pound being the weakest among the G10 space. Read more...

GBP/USD

Overview
Today last price	1.3902
Today Daily Change	-0.0020
Today Daily Change %	-0.14
Today daily open	1.3922

Trends
Daily SMA20	1.407
Daily SMA50	1.4035
Daily SMA100	1.3949
Daily SMA200	1.3618

Levels
Previous Daily High	1.3987
Previous Daily Low	1.3889
Previous Weekly High	1.4133
Previous Weekly Low	1.3792
Previous Monthly High	1.4234
Previous Monthly Low	1.3801
Daily Fibonacci 38.2%	1.3927
Daily Fibonacci 61.8%	1.3949
Daily Pivot Point S1	1.3878
Daily Pivot Point S2	1.3835
Daily Pivot Point S3	1.3781
Daily Pivot Point R1	1.3976
Daily Pivot Point R2	1.403
Daily Pivot Point R3	1.4073

GBP/USD Forecast: Upside looks capped by 1.4000 so far

GBP/USD flirts with the 1.3900 neighbourhood on Friday. The pound remains under pressure following the BoE event. UK’s GfK Consumer Confidence came in at -9 in June. The sterling extends the recent bearish shift, as investors continue to assess the BoE monetary policy meeting. In fact, GBP/USD recedes from weekly peaks around the psychological 1.4000 zone after the “Old Lady” caught markets off guard and delivered a dovish message at its event on Thursday. Read more...

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