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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FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

GBP/USD revisits 1.3530; Dollar pushes harder

GBP/USD adds to the weekly correction and recedes toward the 1.3530 zone on Friday. Indeed, Cable faces increasing selling pressure on the back of extra gains in the Greenback, particularly fuelled by Chair Warsh’s speech at the Jackson Hole Symposium and the US NFP Annual Revision (-79K).

EUR/USD breaches below 1.1600, multi-day lows

EUR/USD now accelerates its decline and retreats to seven-day troughs in the sub-1.1600 region at the end of the week. The pair’s pullback comes on the back of the strong rebound in the US Dollar after Chair Warsh delivered a hawkish message in Jackson Hole, while the US NFP Annual Revision came in at -79K.

Gold challenges its 200-day SMA near $4,530

Gold’s decline gathers fresh steam, hitting weekly lows while disputing its critical 200-day SMA near $4,530 per troy ounce. The yellow metal’s increasing weakness comes in response to the generalised upbeat tone in the US Dollar and the widespread rebound in US Treasury yields, as investors continue to reprice a Fed rate hike in September.

Week ahead: RBNZ and BoC decide on rates ahead of all-important US NFP

The US dollar staged a modest recovery this week, perhaps as traders decided to cover some of their short positions amid slightly stickier or in-line US PCE inflation numbers for July, confounding expectations of softer prints amid the softness revealed in the CPI data for the month.

CFTC Report: CAD short covering leads; Gold buying surges

The week in one sentence: speculative positioning shifted more constructively in the week to August 25. CAD short covering led the move, followed by a broad reduction in EUR shorts and renewed Gold buying. GBP and VIX positioning also improved, while JPY positioning deteriorated and WTI flows diverged from weaker prices.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.