Pound Sterling Price News and Forecast: GBP/USD keeps the red near weekly low

FXStreet Team FXStreet

GBP/USD Forecast: Sellers to take action if 1.1500 support fails

GBP/USD has failed to build on Wednesday's modest recovery gains and has gone into a consolidation phase above 1.1500 on Thursday. The near-term outlook points to a bearish bias and a four-hour close below 1.1500 could trigger another leg lower.

Following Tuesday's impressive rally, the US Dollar Index staged a downward correction on Wednesday and allowed GBP/USD to post daily gains. The UK's FTSE 100 Index is up more than 0.5% on Thursday, helping the British pound stay resilient. Nevertheless, the pair is likely to have a hard time gaining traction unless Wall Street's main indexes rise sharply after the opening bell. As of writing, the US stock index futures were trading virtually unchanged on the day. Read more...

GBP/USD keeps the red near weekly low, moves little post-US economic data

The GBP/USD pair extends its steady intraday descent through the early North American session and seems rather unaffected by US macro releases. The pair is currently trading around the 1.1470-1.1465 area and remains well within the striking distance of its lowest level since 1985 touched last week.

Following the previous day's modest downtick, the US dollar regains some positive traction on Thursday amid hawkish Fed expectations and turns out to be a key factor exerting pressure on the GBP/USD pair. That said, a generally positive tone around the equity markets keeps a lid on any meaningful gains for the safe-haven greenback. Read more...

GBP/USD remains on the defensive amid modest USD uptick, eyes US data for fresh impetus

The GBP/USD pair struggles to capitalize on the previous day's modest uptick and meets with a fresh supply on Thursday. Spot prices remain on the defensive through the first half of the European session, though manage to hold above the 1.1500 psychological mark.

The US dollar catches fresh bids amid expectations for a more aggressive policy tightening by the Fed and turns out to be a key factor exerting some downward pressure on the GBP/USD pair. The stronger US consumer inflation data released on Tuesday all but confirmed that the Fed will hike interest rates at a faster pace. In fact, the implied odds for a full 1% lift-off at the September FOMC meeting currently stand at 30%. Read more...

GBP/USD

Overview
Today last price	1.1509
Today Daily Change	-0.0032
Today Daily Change %	-0.28
Today daily open	1.1541

Trends
Daily SMA20	1.1658
Daily SMA50	1.1895
Daily SMA100	1.2128
Daily SMA200	1.2722

Levels
Previous Daily High	1.159
Previous Daily Low	1.148
Previous Weekly High	1.1648
Previous Weekly Low	1.1405
Previous Monthly High	1.2294
Previous Monthly Low	1.1599
Daily Fibonacci 38.2%	1.1548
Daily Fibonacci 61.8%	1.1522
Daily Pivot Point S1	1.1484
Daily Pivot Point S2	1.1427
Daily Pivot Point S3	1.1374
Daily Pivot Point R1	1.1594
Daily Pivot Point R2	1.1646
Daily Pivot Point R3	1.1703

Author

FXStreet Team

FXStreet

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