Pound Sterling Price News and Forecast: GBP/USD keeps bullish tone and aims for 1.40

FXStreet Team FXStreet

GBP/USD Analysis: Bulls remain in control, move beyond 1.4000 mark awaited

The GBP/USD pair reversed an intraday dip to the 1.3935 region and turned positive for the fifth consecutive session on Friday. The uptick pushed the pair back closer to the highest level since June 24 touched in the previous session and was sponsored by a combination of factors. The British pound has been one of the top-performing major currencies this week and was supported by falling COVID-19 cases in the UK.

Against the backdrop of a strengthening economy and rising inflation levels, the improving coronavirus situation has been fueling speculations that the Bank of England (BoE) will be amongst the first major central banks to raise interest rates. This was seen as another factor that acted as a tailwind for the sterling. Read more...

GBP/USD technical analysis: Keeps bullish tone and aims for 1.40

GBPUSD found some footing at the red Tenkan-sen line at 1.3935 after a minor pullback from the 1.3981 level. The pair has been climbing for more than a week now and its positive bearing is being confirmed by the upturn in the 50- and 100-period simple moving averages (SMAs).

The Ichimoku lines are indicating that positive drive is still alive and an achieved bullish crossover of the 100-period SMA at 1.3803 by the 50-period SMA could further boost the ascent. The short-term oscillators are also transmitting signals that bullish impetus could fully return. Read more...

GBP/USD outlook: Cable is on track for strong weekly gains, bulls pressure key 1.40 resistance zone

Cable remains firm and holding near a five-week high on Friday, pressuring key barriers at 1.3990/1.4000 (Fibo 61.8% of 1.4249/1.3571/twisting daily cloud/psychological).

The pair advanced strongly this week and is on track for the biggest weekly gains since the last week of August 2020, lifted by the softer dollar after dovish Fed and improved sentiment on a fall in coronavirus cases in Britain. Read more...

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