Pound Sterling Price News and Forecast: GBP/USD grinds lower around one week trough

FXStreet Team FXStreet

GBP/USD: Brexit woes, firmer yields favor sellers near 1.3400, UK/US PMIs eyed

GBP/USD consolidates losses made during the last two days around 1.3400 during the initial Asian session on Tuesday. While US President Joe Biden’s nomination for the Fed Chair’s position recently weighed on the cable pair, Brexit jitters and the COVID-19 fears add to the bearish bias for the quote ahead of the UK and the US preliminary PMI numbers for November.

GBP/USD

Overview
Today last price	1.3391
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	1.3391

Trends
Daily SMA20	1.3546
Daily SMA50	1.3622
Daily SMA100	1.3714
Daily SMA200	1.3833

Levels
Previous Daily High	1.3457
Previous Daily Low	1.3384
Previous Weekly High	1.3514
Previous Weekly Low	1.3396
Previous Monthly High	1.3834
Previous Monthly Low	1.3434
Daily Fibonacci 38.2%	1.3412
Daily Fibonacci 61.8%	1.3429
Daily Pivot Point S1	1.3365
Daily Pivot Point S2	1.3338
Daily Pivot Point S3	1.3292
Daily Pivot Point R1	1.3437
Daily Pivot Point R2	1.3484
Daily Pivot Point R3	1.351

GBP/USD Forecast: Sellers eye a drop below 1.3400

The British pound has lost its strength ahead of the weekend and the technical outlook points to a bearish shift in GBP/USD. Investors will keep a close eye on headlines surrounding the negotiations on Brexit's Northern Ireland (NI) protocol. Following the latest talks in Brussels on Friday, UK Brexit Minister Lord David Frost said that they had not yet made substantive progress on the NI protocol issues.

EUR/USD: Breakdown below trading range support near 1.1770 comes into play

The EUR/USD pair opens with a bearish gap at the start of a new week as the US-Iran war-led global flight to safety boosts the US Dollar. Spot prices, however, lack follow-through selling and manage to hold above mid-1.1700s during the Asian session.

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.