Pound Sterling Price News and Forecast: GBP/USD keeps ignoring Brexit threat

FXStreet Team FXStreet

GBP/USD Price Analysis: Overbought RSI triggers pullback from one-week high

GBP/USD declines to 1.3207, intraday low of 1.3206, during the early Thursday’s trading. In doing so, the Cable snaps two-day winning streak while reversing from the one-week top.

Considering the RSI conditions and the pair’s multiple failures to stays past-1.3200, the August 06 high of 1.3185 as immediate support ahead of Tuesday’s peak near 1.3170. Though, the pair’s extended weakness past-1.3170 will be challenged by 50% and 61.8% Fibonacci retracement levels around 1.3120 and 1.3090 respectively.

GBP/USD Forecast: Pound keeps ignoring Brexit threat

The GBP/USD is up for a second consecutive day, trading around the 1.3200 level by the end of the US session. The pair surged from a daily low at 1.3116, reached after the release of encouraging US data, which anyway was not enough to support the dollar. The advance seems linked to investor’s cautious approach to the greenback ahead of Fed’s Powell speech on Thursday rather to resurgent demand for the sterling.

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