Pound Sterling Price News and Forecast: GBP/USD fails at surging

FXStreet Team FXStreet

Daily technical and trading outlook – GBP/USD

GBP/USD - 1.3986.. Although cable briefly rose abv Fri's 1.3909 top to 1.3911 in Asia y'day, price fell on broad-based selling of sterling on UK re-opening amid rising Covid cases, price hit 1.3839 b4 reboundings to 1.3905 (NY).

On the bigger picture, despite cable's brief break of 2016 post-Brexit low of 1.1491 to a near 35-year trough of 1.1412 in mid-Mar 2020 on safe-haven USD's demand following free fall in global stocks, price rallied to 1.3686 on the last trading day of 2020 following a last-minute EU-UK trade deal, then to a near 34-month, 1.4241 peak in late Feb suggests a major low is made. Read more...

GBP/USD analysis: Fails at surging

On Tuesday, the GBP/USD made another attempt to pass the zone above the 1.3900 marks. In the meantime, the rate revealed on Monday that the zone near 1.3840 manages to provide support.

In the near term future, the pair could be pushed up by the support of the 55, 100, and 200-hour simple moving averages. A potential surge could once again test the resistance of the 1.3900 zones. A passing of the zone could result in the rate reaching the weekly R1 simple pivot point at 1.3963. Read more...

GBP/USD dives to 1.3800 mark, fresh session lows on hotter-than-expected US CPI

The GBP/USD pair dived to fresh daily lows in reaction to hotter-than-expected US consumer inflation figures, with bearish now eyeing sustained weakness below the 1.3800 mark.

Having struggled to find acceptance above the 1.3900 mark, the GBP/USD pair came under some renewed selling pressure on Tuesday and was weighed down by a combination of factors. The disappointing data released by the British Retail Consortium (BRC), along with COVID-19 and Brexit woes turned out to be key factors that acted as a headwind for the British pound. This, along with a goodish pickup in the US dollar demand, contributed to the pair's intraday decline. Read more...

GBP/USD

Overview
Today last price	1.3809
Today Daily Change	-0.0078
Today Daily Change %	-0.56
Today daily open	1.3887

Trends
Daily SMA20	1.3881
Daily SMA50	1.402
Daily SMA100	1.3944
Daily SMA200	1.3678

Levels
Previous Daily High	1.391
Previous Daily Low	1.3839
Previous Weekly High	1.3908
Previous Weekly Low	1.3742
Previous Monthly High	1.4249
Previous Monthly Low	1.3787
Daily Fibonacci 38.2%	1.3866
Daily Fibonacci 61.8%	1.3883
Daily Pivot Point S1	1.3847
Daily Pivot Point S2	1.3808
Daily Pivot Point S3	1.3776
Daily Pivot Point R1	1.3918
Daily Pivot Point R2	1.3949
Daily Pivot Point R3	1.3989

Author

FXStreet Team

FXStreet

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