Pound Sterling Price News and Forecast: GBP/USD may rebound toward the two-month high of 1.3599

FXStreet Team FXStreet

GBP/USD Price Forecast: Tests nine-day EMA support after slipping below 1.3500

GBP/USD remains subdued for the third successive day, trading around 1.3500 during the Asian hours on Thursday. The technical analysis of the daily chart indicates a potential for bearish reversal as the pair moves below the ascending channel pattern.

However, the GBP/USD pair holds a constructive bullish bias as it stays marginally above the nine-period Exponential Moving Average (EMA) and comfortably over the 50-period EMA. This alignment of short- and medium-term EMAs below spot hints at underlying demand. The 14-day Relative Strength Index around 56 suggests positive but not overstretched momentum, allowing room for further upside while the pair remains supported on dips. Read more...

GBP/USD holds near 1.35 as UK PMIs and retail sales loom

GBP/USD was little changed on Wednesday, settling close to 1.3510 after a choppy session that reached 1.3540 in London hours before fading toward 1.3490. Price has been pinned inside a 65-pip band through midweek, with long upper and lower wicks pointing to two-way uncertainty.

UK inflation data dominated Wednesday's London session. Headline Consumer Price Index (CPI) rose 0.7% MoM in March, slightly above the 0.6% consensus, with the annual rate edging up to 3.3% YoY, though core CPI cooled to 3.1% YoY against the 3.2% expected, tempering the hawkish read. The UK calendar stays busy from Thursday, with flash Purchasing Managers Index (PMI) surveys expected to show Manufacturing and Composite activity slipping into contraction at 49.9 and 49.8 respectively, and GfK Consumer Confidence seen deteriorating to -25 from -21. Friday's UK Retail Sales are forecast at 0.2% MoM, a tentative rebound from the -0.4% print in February. Read more...

GBP/USD steadies as Iran deadlock keeps US Dollar bid in check

GBP/USD holds steady on Wednesday as geopolitical tensions remain high amid the lack of progress toward resuming negotiations between the US and Iran. An absent economic schedule in the US keeps traders leaning on the latest UK inflation figures, which showed the effects of the energy shock. At the time of writing, the pair trades at 1.3514, mostly unchanged.

US equities are trading in the green, yet an escalation of the conflict could weigh on stocks, prompting a flow towards safe-haven assets such as the US Dollar (USD). The Greenback has so far trimmed some of its earlier losses, according to the US Dollar Index (DXY). Read more...

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