Pound Sterling Price News and Forecast: GBP/USD poised to lose the 1.3500 level

FXStreet Team FXStreet

GBP/USD Price Analysis: Monday’s bullish pin bar keeps buyers hopeful

GBP/USD picks up bids around 1.3590 amid the initial Asian trading session on Tuesday. In doing so, the Cable justifies its bounce off 21-day SMA and a bullish pin bar candlestick pattern on the daily (1D) chart.

With the normal RSI conditions joining the aforementioned price-positive catalysts, GBP/USD is for regaining its status above the 1.3600 mark. However, there are multiple upside barriers near 1.3660 that test the bulls afterward.

GBP/USD Forecast: Poised to lose the 1.3500 level

The GBP/USD pair is ending the day little changed in the 1.3580 price zone but fell to a fresh one-week low of 1.3519. Weekend news related to more travel restrictions in the UK due to the coronavirus pandemic and the absence of relevant local data pushed the pound lower. On a positive note, the UK plans to speed up vaccination. Nadhim Zahawi, the Minister for COVID Vaccine Deployment, said that everyone in the UK would be offered a vaccine by September.

GBP/USD revisits 1.3530; Dollar pushes harder

GBP/USD adds to the weekly correction and recedes toward the 1.3530 zone on Friday. Indeed, Cable faces increasing selling pressure on the back of extra gains in the Greenback, particularly fuelled by Chair Warsh’s speech at the Jackson Hole Symposium and the US NFP Annual Revision (-79K).

EUR/USD breaches below 1.1600, multi-day lows

EUR/USD now accelerates its decline and retreats to seven-day troughs in the sub-1.1600 region at the end of the week. The pair’s pullback comes on the back of the strong rebound in the US Dollar after Chair Warsh delivered a hawkish message in Jackson Hole, while the US NFP Annual Revision came in at -79K.

Gold challenges its 200-day SMA near $4,530

Gold’s decline gathers fresh steam, hitting weekly lows while disputing its critical 200-day SMA near $4,530 per troy ounce. The yellow metal’s increasing weakness comes in response to the generalised upbeat tone in the US Dollar and the widespread rebound in US Treasury yields, as investors continue to reprice a Fed rate hike in September.

Crypto Today: Bitcoin, Ethereum, XRP rally loses steam despite steady ETF inflows

Bitcoin is back below $80,000 at the time of writing on Friday, after a second attempt at breaking resistance between $81,000 and $82,000. Meanwhile, Ethereum and Ripple mirror Bitcoin’s cooling trend, with ETH sliding to $2,500 and XRP falling toward $1.40 support.

Week ahead – RBNZ and BoC decide on rates ahead of all-important US NFP

Dollar rebounds ahead of ISM PMI and NFP data. RBNZ is expected to raise rates; focus to fall on forward guidance. BoC is set to remain on hold; will it raise rates in 2027?

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.