GBP/USD Forecast: Pound finds its footing on improving sentiment, stays fragile

GBP/USD has snapped a three-day losing streak on Tuesday and closed modestly higher near 1.3500, around which it continues to move sideways early Wednesday. The slight improvement witnessed in risk mood seems to be allowing the British pound to find some demand but the pair remains at the mercy of the dollar's market valuation.

The US Dollar Index, which tracks the dollar's performance against a basket of six major currencies, stays relatively quiet around 96.00 as investors gear up for the US Federal Reserve's policy announcements. Read more...

GBPUSD

GBP/USD holds steady around 1.3500 mark, upside potential seems limited ahead of FOMC

The GBP/USD pair traded with a positive bias through the first half of the European session and was last seen hovering just a few pips above the 1.3500 psychological mark.

The pair built on the previous day's recovery move from the vicinity of the monthly low, around the 1.3435 regions and edged higher for the second successive day on Wednesday. The uptick, however, lacked any fundamental catalyst and could be solely attributed to some repositioning trade ahead of the key central bank event risk. Read more...

GBP/USD stays fragile and at mercy of dollar's market valuation

GBP/USD seems to have stabilized around 1.3500 early Wednesday. But in the view of FXStreet’s Eren Sengezer, it is too early to say that the pair has gone into a recovery phase.

“If FOMC Chairman Jerome Powell notes that they could start shrinking the balance sheet in the second half of the year instead of ‘toward the end of the year’ this could have a bullish impact on the dollar and weigh on GBP/USD. On the other hand, Powell might adopt a cautious tone on policy tightening and cause the dollar to face renewed selling pressure. In that case, GBP/USD should extend its rebound, at least in the near-term.” Read more...

GBP/USD

Overview
Today last price 1.3515
Today Daily Change 0.0006
Today Daily Change % 0.04
Today daily open 1.3509
 
Trends
Daily SMA20 1.3574
Daily SMA50 1.3422
Daily SMA100 1.3537
Daily SMA200 1.3728
 
Levels
Previous Daily High 1.3519
Previous Daily Low 1.3436
Previous Weekly High 1.369
Previous Weekly Low 1.3546
Previous Monthly High 1.355
Previous Monthly Low 1.3161
Daily Fibonacci 38.2% 1.3487
Daily Fibonacci 61.8% 1.3468
Daily Pivot Point S1 1.3457
Daily Pivot Point S2 1.3405
Daily Pivot Point S3 1.3374
Daily Pivot Point R1 1.3539
Daily Pivot Point R2 1.357
Daily Pivot Point R3 1.3622

 

 

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