Pound Sterling Price News and Forecast: GBP/USD flirts with 1.1235-40 confluence

FXStreet Team FXStreet

GBP/USD Forecast: Pound turns neutral following bearish correction

GBP/USD has started to move sideways in a relatively tight range at around 1.1300 after having snapped a six-day winning streak on Wednesday. The near-term technical outlook suggests that the pair is likely to stay in a consolidation stage and investors could refrain from making large bets ahead of Friday's highly-anticipated US jobs report.

On Wednesday, the risk-averse market environment helped the dollar gather strength against its rivals. In the second half of the day, the US Dollar Index (DXY) continued to push higher after the monthly report published by the ADP revealed that employment in the US private sector rose more than expected in September. Additionally, the ISM's Services PMI survey showed that employment in the service sector continued to expand and input price inflation continued to rise at a strong pace in September. Read more...

GBP/USD Price Analysis: Flirts with 1.1235-40 confluence, bearish flag spotted on H4

The GBP/USD pair meets with a fresh supply following an uptick to the 1.1385 region and turns lower for the second successive day on Thursday. The downtick drags spot prices to mid-1.1200s, closer to the overnight swing low during the mid-European session and is sponsored by the emergence of some US dollar dip-buying.

Several Fed officials reaffirmed the US central bank's commitment to bring inflation under control and the prospects for another supersized 75 bps lift-off in November. This remains supportive of elevated US Treasury bond yields, which, along with growing recession fears, continue to act as a tailwind for the safe-haven greenback. Read more...

GBP/USD set to dip below 1.10 in the near-term – ING

Economists at ING analyze the outlook for the British pound. They see prevalent downside risks and expect GBP/USD to sink towards 1.10. Meanwhile, EUR/GBP is set to trade above 0.87 .

“We mostly see downside risks for cable from current levels, and expect a drop below 1.10 in the near-term.”

“In EUR/GBP, 0.8700 may emerge as an increasingly solid floor over the coming weeks.” Read more...

GBP/USD

Overview
Today last price	1.1282
Today Daily Change	-0.0044
Today Daily Change %	-0.39
Today daily open	1.1326

Trends
Daily SMA20	1.1281
Daily SMA50	1.166
Daily SMA100	1.1948
Daily SMA200	1.2562

Levels
Previous Daily High	1.1496
Previous Daily Low	1.1227
Previous Weekly High	1.1235
Previous Weekly Low	1.0339
Previous Monthly High	1.1738
Previous Monthly Low	1.0339
Daily Fibonacci 38.2%	1.133
Daily Fibonacci 61.8%	1.1393
Daily Pivot Point S1	1.1203
Daily Pivot Point S2	1.1081
Daily Pivot Point S3	1.0934
Daily Pivot Point R1	1.1472
Daily Pivot Point R2	1.1618
Daily Pivot Point R3	1.1741

Author

FXStreet Team

FXStreet

EUR/USD remains bid near 1.1650 post-US ADP

Finally some respite for the risk complex see EUR/USD partially recover from the recent steep sell-off, this time hovering around the 1.1650 zone amid decent gains in a context of renewed selling pressure on the US Dollar. However, the duration and extension of this bounce should be put to the test amid the unabated tensions in the Middle East.

GBP/USD meets resistance around 1.3400

In line with its risk-linked peers, GBP/USD stages a modest comeback on Wednesday, although meeting some resistance around the 1.3400 neighbourhood. Cable’s humble recovery comes on the back of the fresh downward bias in the Greenback amid a marginal improvement in the global sentiment and steady geopolitical effervescence.

Gold flirts with $5,200 amid safe haven demand

Gold partially fades Tuesday’s sharp pullback, regaining the $5,200 mark per troy ounce on the back of the resurgence of investors’ demand for the safe-haven space. The precious metal remains well propped up by the deterioration of the geopolitical scenario in the Middle East, while the softer tone in the US Dollar collaborates with the uptick.