Pound Sterling Price News and Forecast: GBP/USD holds above 1.3700 mark

FXStreet Team FXStreet

GBP/USD Forecast: Powell to the rescue? Pound technicals and fundamentals point lower

When a currency cannot hold up when all others are in suspense – its weakness is exposed. GBP/USD has been on the back foot, struggling to hold onto 1.37 while investors are holding their breaths toward a critical event. Federal Reserve Chair Jerome Powell is set to provide signals about tapering the bank's bond-buying scheme in the virtual Jackson Hole speech.

There are several reasons for sterling's suffering. UK COVID-19 cases have extended their increase, topping 38,000 in Thursday's report. Reopening the economy has consequences. While the government is unlikely to undo "Freedom Day," consumers may remain shy of going out and about, thus slowing the economic recovery. Read more...

GBP/USD holds above 1.3700 mark, lacks follow-through ahead of Powell

The GBP/USD pair held on to its modest intraday gains, around the 1.3715-20 region through the mid-European session, albeit lacked any follow-through buying.

The pair attracted some dip-buying on the last day of the week and rallied nearly 40 pips from four-day lows, around the 1.3680 region amid a modest US dollar weakness. The underlying bullish sentiment undermined demand for the safe-haven greenback and assisted the GBP/USD pair to recover a part of the overnight retracement slide from over one-week lows. Read more...

GBP/USD to turn lower again towards key support zone at 1.3571/67 – Credit Suisse

The rebound in GBP/USD has been capped at a cluster of resistances including its 200-day average (DMA) at 1.3802. The subsequent completion of a bearish “reversal day” is expected to clear the way for a retest of key support at 1.3571/67, the Credit Suisse analyst team reports.

“We think the recent strength has been corrective only. Indeed, below support at 1.3693, GBP/USD has seen a minor top complete and we look for a fall back to the recent low and potential trend support at 1.3608/01.” Read more...

GBP/USD

Overview
Today last price	1.3725
Today Daily Change	0.0025
Today Daily Change %	0.18
Today daily open	1.37

Trends
Daily SMA20	1.3807
Daily SMA50	1.3822
Daily SMA100	1.3921
Daily SMA200	1.3801

Levels
Previous Daily High	1.3768
Previous Daily Low	1.3689
Previous Weekly High	1.3879
Previous Weekly Low	1.3602
Previous Monthly High	1.3984
Previous Monthly Low	1.3572
Daily Fibonacci 38.2%	1.3719
Daily Fibonacci 61.8%	1.3738
Daily Pivot Point S1	1.367
Daily Pivot Point S2	1.364
Daily Pivot Point S3	1.3591
Daily Pivot Point R1	1.3749
Daily Pivot Point R2	1.3798
Daily Pivot Point R3	1.3828

Author

FXStreet Team

FXStreet

EUR/USD struggles to regain momentum in the low1.1600s

EUR/USD is giving some signs of life in the aftermath of two severe days of losses on Wednesday, reclaiming the 1.1600 hurdle and above on the back of the resurgence of a mild selling bias around the US Dollar. Moving forward, the usual US weekly Claims will take centre stage on Thursday ahead of Friday’s crucial NFP data.

GBP/USD tests key moving averages as growth downgrade weighs

GBP/USD was nearly flat on Wednesday, edging up 0.08% to settle around 1.3370 in a quiet session. The pair has fallen sharply from its late-January high near 1.3870 and is now testing the 200-day Exponential Moving Average, with this week's one-week forex heatmap showing Pound Sterling as one of the worst performers against the US Dollar, down about 1.4% on the week.

Gold benefits from a retreating USD; reduced Fed rate cut bets cap gains

Gold attracts some buyers for the second consecutive day on Thursday amid a modest US Dollar pullback from an over three-month high, though it remains below the $5,200 mark. Wednesday's upbeat US macro data further tempered hopes for three rate cuts by the Fed in 2026. Furthermore, escalating Middle East tensions might continue to benefit the USD's status as the global reserve currency and contribute to capping the bullion.