Pound Sterling Price News and Forecast: GBP/USD further gains linked to persistent dollar’s weakness

FXStreet Team FXStreet

GBP/USD Price Analysis: Prints rising wedge on 4-hour chart above 1.2600

GBP/USD drops to 1.2630 amid the early Monday morning in Asia. Even so, the Cable remains positive on a daily basis with around 0.10% gains. Though, a bearish chart pattern, the rising wedge, joins bearish MACD signals, question the bulls.

As a result, 1.2600 becomes the key for decision making as a downside break of the same will confirm the bearish formation. Also increasing the strength of the support is 23.6% Fibonacci retracement of June month declines from 1.2813 to 1.2251.

Even if the pair’s break of 1.2600 opens the door for its southward trajectory towards July 03 low near 1.2440, 200-bar SMA level of 1.2510 could offer intermediate halts during the quote’s declines.

GBP/USD Forecast: Further gains linked to persistent dollar’s weakness

The GBP/USD pair hit 1.2663 on Friday, unable to surpass its weekly high and retreating to settle at 1.2621. The rally was the result of the broad dollar’s weakness, as news coming from the UK lend no support to the Pound. Market players ignored headlines indicating no progress in Brexit talks throughout the week, with remaining “significant differences” on a number of important issues.

EUR/USD recovers some early losses driven by rising energy prices amid US-Iran war

The EUR/USD pair claws back some of its early losses during the late Asian trading session on Monday, but is still 0.25% down to near 1.1780. Earlier in the day, the Euro declined sharply against the US Dollar as investors shifted to the safe-haven fleet amid the brutal war between Iran, Israel, and the United States, which broke out over the weekend.

GBP/USD targets 1.3500 barrier near moving averages

GBP/USD rebounds from the daily losses, trading around 1.3450 during the Asian hours on Monday. The technical analysis of the daily chart indicates an ongoing bearish bias, as the pair trades within a descending channel pattern.

Gold looks further north as Iran war boosts haven demand

Gold is taking a breather after the initial run to over one-month highs near $5,400, kicking off the new week with a bang. A global flight to safety theme, following the US-Israel joint attacks on Iran over the weekend, bolstered the demand for the traditional store of value, Gold.

Bitcoin, Ethereum and Ripple under pressure as key supports face breakdown risk

Bitcoin, Ethereum, and Ripple prices trade on the back foot at the start of this week on Monday, after extending losses in the previous week. BTC is on the brink of a breakdown, ETH is capped below key resistance, and XRP risks a crack of the trendline.

The market is paying for insurance, not apocalypse

As expected, this morning felt less like a Monday market open and more like a fire drill. Futures screens flickered red. S&P contracts down almost 1%. Nasdaq off 1.2%. Brent leaped 13% through $80. Gold rose 1.6% toward $5350 before paring some gains. The dollar is strutting mildly. The Swiss franc is quietly doing what it always does in a storm, catching some safe-haven flows.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.