Pound Sterling Price News and Forecast: GBP/USD pulls back from an eight-day high

FXStreet Team FXStreet

GBP/USD Price Analysis: MACD teases bulls above 10-day SMA

GBP/USD steps back from an eight-day high to 1.2177 during Friday’s Asian session. In doing so, the pair also respects 38.2% Fibonacci retracement of its fall from December 12, 2019, as the immediate resistance. However, sustained trading beyond 10-day SMA and likely MACD turn towards the bullish horizon keep the buyers hopeful.

As a result, a sustained break of 1.2215 immediate resistance could escalate the recovery moves towards a 21-day SMA level of 1.2360. However, 50% Fibonacci retracement, near 1.2465, followed a 200-day SMA level of 1.2670 and 61.8% of Fibonacci retracement around 1.2710, could challenge the bulls afterward.

GBP/USD in 400 pip range!

GBP/USD is in a 400-pip range today and up 2.5% as the Bank of England held their scheduled monetary policy meeting earlier today and left rates unchanged at 0.1%, as expected. This meeting comes only days after the BOE had two emergency rate cuts and slashed rates to its lowest rate ever. The BOE in recent days also began a 200 billion Pound Quantitative Easing program and said they are ready to do more if necessary. The Great British Pound continued its bid on the European open from yesterday’s intraday low of near 1.1650. In addition, the US Dollar has been getting pummeled all day, down 1.5%, pushing the GBP higher vs the US Dollar.

EUR/USD retakes 1.1800 on renewed USD weakness

EUR/USD gains ground after three days of losses, re-attempting 1.1800in the European trading hours on Thursday. The US Dollar sees fresh selling interest across the board, despite hawkish Fed Minutes, as the market mood improves and supports the pair. US Jobless Claims data, Fedspeak and geopolitics remain in focus.

GBP/USD recovers above 1.3500 amid better mood

GBP/USD finds fresh demand and rises back above 1.3500 in the European session on Thursday. Improving risk sentiment and renewed US Dollar weakness are helping the pair recover ground ahead of mid-tier US data releases and Fedspeak.

Gold clings to gains above $5,000 amid safe-haven flows and Fed rate cut bets

Gold sticks to modest intraday gains, above the $5,000 psychological mark, through the first half of the European session, though it lacks bullish conviction amid mixed cues. The third round of US-mediated negotiations between Ukraine and Russia concluded in Geneva on Wednesday without any major breakthrough.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments. The technical outlook suggests further gains if INJ breaks above key resistance.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.