Pound Sterling Price News and Forecast: GBP/USD is expected to smash 1.1200

FXStreet Team FXStreet

GBP/USD aims to recapture 1.1200 ahead of US ISM Manufacturing PMI data

The GBP/USD pair is struggling to smash the immediate hurdle of 1.1200 in the early Tokyo session. The cable has displayed a modest upside move after the termination of the corrective move to near 1.1022. The major is expected to continue its lackluster performance in the 1.1100-1.1170 range and will later display a bullish imbalanced move.

GBP/USD

Overview
Today last price	1.114
Today Daily Change	-0.0027
Today Daily Change %	-0.24
Today daily open	1.1167

Trends
Daily SMA20	1.1303
Daily SMA50	1.1702
Daily SMA100	1.1978
Daily SMA200	1.2593

Levels
Previous Daily High	1.1235
Previous Daily Low	1.1025
Previous Weekly High	1.1235
Previous Weekly Low	1.0339
Previous Monthly High	1.1738
Previous Monthly Low	1.0339
Daily Fibonacci 38.2%	1.1155
Daily Fibonacci 61.8%	1.1105
Daily Pivot Point S1	1.105
Daily Pivot Point S2	1.0933
Daily Pivot Point S3	1.084
Daily Pivot Point R1	1.1259
Daily Pivot Point R2	1.1352
Daily Pivot Point R3	1.1469

GBP/USD Weekly Forecast: Pound's fate depends on market confidence in UK government

It has been a crazy volatile week for the British pound following the presentation of the highly controversial mini-budget. After having plunged to a new all-time low of 1.0340 at the beginning of the week, GBP/USD reversed its direction and advanced beyond 1.1200 early Friday. Although the pair lost its bullish momentum ahead of the weekend, it ended up closing the week in positive territory.

GBP/USD clings to 1.3500 amid marginal losses

GBP/USD alternates gains with losses around the 1.3500 neighbourhood on Tuesday. Indeed, Cable struggles to further extend its incipient recovery in a context of continuous instability in the Middle East and modest gains in the Greenback.

EUR/USD alternates gains with losses near 1.1540

EUR/USD navigates a tight range near 1.1550 in the latter part of Tuesday’s NA session. The US Dollar’s vacillating price action accompanies the pair while market participants gear up for the crucial US inflation data due on Wednesday.

Gold loses the grip below $4,400

Gold retreats from its earlier tops and briefly revisited the $4,350 region per troy ounce on Tuesday. The yellow metal’s modest retracement follows lacklustre gains in the US Dollar and declining US Treasury yields across the curve, all amid steady uncertainty from the geopolitical landscape.

Shiba Inu Price Forecast: SHIB extends sell-off despite surging futures Open Interest

Shiba Inu (SHIB) maintains a bearish outlook on Tuesday, as it edges lower at $0.00000450. This marks the seventh day the meme coin has sustained a sell-off, weighed down by a weak technical structure. Shiba Inu derivatives continue to gain momentum, with perpetual futures Open Interest (OI) rising to 11.08 trillion SHIB on Tuesday, from 10.46 trillion the day before.

The inflation narrative is still way more important than the employment story

Core bonds sold off yesterday with the belly of the curve slightly underperforming in the US while European curves showed more of a bear flattening. Daily changes on the US curve varied between +4.7 bps (2-yr) and +6.4 bps (7-yr).

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.