Pound Sterling Price News and Forecast: GBP/USD maintains its positive bias

FXStreet Team FXStreet

GBP/USD Price Analysis: Retreats towards 1.1450 inside weekly bearish channel

GBP/USD fades the month-start optimism as it slides to 1.1480 during Wednesday’s Asian session while staying inside a one-week-long descending trend channel. That said, the Cable pair’s latest losses also take clues from the bearish MACD signals and keep the sellers hopeful.

GBP/USD supported above 1.1450 after rejection at 1.1565

Sterling’s reversal from session highs at 1.1565 witnessed on Tuesday’s morning US session has found buyers at 1.1450, allowing the pair to return to levels near 1.1500. On the daily chart, the cable remains moderately bid, picking up after a 0.9% reversal on Monday.

GBP/USD

Overview
Today last price	1.1506
Today Daily Change	0.0022
Today Daily Change %	0.19
Today daily open	1.1484

Trends
Daily SMA20	1.1306
Daily SMA50	1.1368
Daily SMA100	1.1723
Daily SMA200	1.2346

Levels
Previous Daily High	1.1566
Previous Daily Low	1.1437
Previous Weekly High	1.1646
Previous Weekly Low	1.1258
Previous Monthly High	1.1646
Previous Monthly Low	1.0924
Daily Fibonacci 38.2%	1.1517
Daily Fibonacci 61.8%	1.1487
Daily Pivot Point S1	1.1425
Daily Pivot Point S2	1.1367
Daily Pivot Point S3	1.1296
Daily Pivot Point R1	1.1554
Daily Pivot Point R2	1.1625
Daily Pivot Point R3	1.1683

Author

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

AUD/USD drops to two-week low, further below 0.7000 after RBA's less hawkish rate hike

AUD/USD drifts lower for the second straight day on Tuesday, hitting a fresh two-week low during the Asian session after the Reserve Bank of Australia's (RBA) widely expected 25 bps rate hike. The decision was far from unanimous, with three members preferring to hold rates at 4.60%. This tempers expectations of further tightening, which, along with modest US Dollar strength, weighs on the currency pair.

USD/JPY fails near 159.00 amid weak USD, intervention risks

USD/JPY edges lower during Tuesday’s Asian session, reversing part of the previous day's gains to 158.00 as the US Dollar remains depressed amid hopes for Iran diplomacy and ahead of US midterm elections. Meanwhile, intervention risks support the Japanese Yen, though the uncertainty over the timing of the next BoJ rate hike caps gains. This keeps the pair confined within a familiar range and warrants caution before placing directional bets.

Gold struggles near $3,900 as traders assess Middle East developments,US election risks

Gold (XAU/USD) loses momentum on Tuesday as Oil prices rebound after the Wall Street Journal (WSJ) reported a US strike on Iran’s Qeshm Island. At the time of writing, XAU/USD trades around $3,909, down 0.93% on the day.

Crypto Today: Bitcoin, Ethereum, XRP under pressure as investors pull capital

Bitcoin trades downward at $76,566 on Tuesday, testing six-week lows. Ethereum, like Bitcoin, trades under pressure as it consolidates within a narrow support range. Meanwhile, Ripple hovers marginally above $1.25.

BoE is set to hike rates this week: Warns against 'unwarranted' aggressive tightening

We see a hike as a done deal this week and another, while not yet our baseline scenario, is possible in February should inflation stay above 4%, commodity prices remain high and activity remain resilient. We remain of the view, however, that aggressive tightening is unwarranted, for four main reasons: There are no clear signs of second-round inflation effects, nor do we think that there will be.

The 2% inflation target came from a throwaway remark. It now moves trillions

The Federal Reserve's 2% inflation goal grew out of an off-the-cuff remark by a New Zealand politician in 1988. Bond investors still price long-term US debt as if 2% holds, so a change in how the Fed measures inflation would move markets.