Pound Sterling Price News and Forecast: GBP/USD fails to hold on to early recovery gains on Monday


GBP/USD outlook: Near-term bias remains neutral while the action holds within Aug range

Limited rebound on Monday keeps cable at the lower side of two-hundred pips congestion which extends into fifth straight day. Pullback from last week's new multi-month high (1.3266) was so far contained by rising 20DMA (1.3084) that keeps bulls alive and key support at 1.30 zone (psychological/higher base) intact. Sideways-moving daily indicators point to neutral near-term bias, despite fresh risk demand on optimism over new method of Covid-19 treatment.

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GBP/USD falls below 1.3100 as DXY recovery picks up steam

The GBP/USD pair lost more than 100 pips on Friday and staged a rebound at the start of the week. However, the pair lost its momentum after climbing to 1.3150 area and erased all of its daily gains. As of writing, the pair was down 0.15% on a daily basis at 1.3068.

In the absence of significant macroeconomic data releases from the UK, the greenback's market valuation remained the sole driver of GBP/USD's movements on Monday.

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