Pound Sterling Price News and Forecast: GBP/USD gains for the first time in four weeks

FXStreet Team FXStreet

GBP/USD bulls step in on US dollar weakness and eye 1.2500

Where there is a price imbalance, PI, on a 4-hour perspective on the way there that guards an order block, OB, above it. At 1.2292, GBP/USD is up 0.16% as the US dollar falls away below a key structure on the DXY chart. The US dollar is extending the downside after it slipped on Friday and posted its first weekly decline this month.

GBP/USD Weekly Forecast: Sellers remain hopeful whilst below key Fibo level

GBP/USD snapped a three-week downtrend and staged a decent comeback despite a variety of mixed fundamental factors from the UK. A pullback in the US dollar from two-decade highs kept cable afloat, although within a familiar 200-pip trading range. Persistent inflation and recession worries kept investors on edge.

AUD/USD advances modestly, hovers around 0.7050

AUD/USD reverses part of Friday’s sharp decline and gyrates around the 0.7050 region ahead of the opening bell in Asia. The pair’s modest recovery comes amid humble losses in the Greenback, always amid the steady uncertainty on the geopolitical front. Moving forward, Westpac’s Consumer Confidence measure will be the salient release on Tuesday.

USD/JPY holds higher ground toward 160.50 despite 'Yentervention' fears

USD/JPY holds higher ground toward 160.50 in Monday's Asian trading, despite intervention fears. Japan’s revised GDP print, which confirmed that the economy lost momentum in the first quarter, weighs on the Japanese Yen. Meanwhile, Friday's upbeat US NFP report and fresh Israel-Iran attacks favor the US Dollar bulls, underpinning the currency pair.

Gold faces initial resistance near $4,350

Gold manages to reclaim the $4,300 mark per troy ounce and above on Monday. The yellow metal’s small uptick comes on the back of modest losses in the US Dollar, while traders continue to follow geopolitical events in the Middle East and the likelihood of a tighter-for-longer Fed.

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