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.

AUD/USD flirts with 0.7000, lowest since early August amid bullish USD

AUD/USD hits a fresh low since early August during the Asian session on Friday and looks vulnerable near 0.7000 after breaking below the 200-day SMA overnight. Against the backdrop of the hawkish Fed, a two-day rally in oil prices revives inflation fears and continues to push US bond yields to multi-year highs. Adding to this, geopolitical risks lift the US Dollar to a two-month high, overshadowing RBA rate hike bets and weighing on the pair.

USD/JPY pulls back from three-week high after failing near 159.00

USD/JPY edges lower during the Asian session on Friday, stalling its recent strong move to a three-week high of 159.00 as Japanese Yen bears turn cautious amid intervention fears. Meanwhile, the US Dollar retains a strong bullish undertone as the Fed's hawkish outlook and oil-driven inflation fears continue to push US bond yields to multi-year peaks. Furthermore, the BoJ's dovish rate hike last week might cap JPY and support spot prices.

Gold treads water below $4,300

Gold grabs some buying attention and advances marginally at the end of the week, partially retracing the weekly decline, although it is still navigating below the key $4,300 mark per troy ounce. The fresh selling bias on the Greenback and the modest decline in US Treasury yields appear to support the humble advance in the precious metal.

Crypto Today: Bitcoin and Ethereum edge lower, XRP extends recovery as macro headwinds weigh

The broader cryptocurrency market is consolidating on Friday, with Bitcoin paring losses slightly above $84,000. Ethereum declines in tandem with BTC. Ripple (XRP), meanwhile, paints a different picture.

Fed vs BoJ: Both hiked. The market only believes one of them – and the chart shows which

The Federal Reserve (Fed) and the Bank of Japan (BoJ) have just done something remarkably similar. Both central banks raised interest rates by 25 basis points (bps) last week, both are confronting inflation risks, and both signal that future decisions will depend on incoming economic data.

Fed vs BoJ: Both hiked. The market only believes one of them – and the chart shows which

The Fed and the BoJ have just done something remarkably similar. Both central banks raised interest rates by 25 bps last week, both are confronting inflation risks, and both signal that future decisions will depend on incoming economic data.