Pound Sterling Price News and Forecast: GBP/USD rebounds from 0.618 Arc

FXStreet Team FXStreet

GBP/USD price outlook: British Pound/US Dollar rebounds from 0.618 Arc

Overview: Based on Arc Cycle Analysis applied to the 2h chart, British Pound/U.S. Dollar has rebounded from the 0.618 Resistance Arc within the current Arc Cycle. The rebound confirms a bearish reaction and opens the potential for continued movement toward the target price.

Price has rebounded from the 0.618 Resistance Arc, confirming that the Arc continues to act as a resistance boundary within the current Arc Cycle. Continued bearish momentum could drive price toward the primary price target at 1.3170. Read more...

British Pound holds near three-month lows, US Dollar shines as global yields surge

The British Pound (GBP) shows marginal gains against the US Dollar (USD) on Friday, with the GBP/USD pair trading just above 1.3200, yet unable to take any significant distance from the four-week lows at 1.3180 hit on Thursday. The Pound is heading for its fifth consecutive weekly decline, with the safe-haven US Dollar buoyed amid a rout in global bonds, and with investors focused on the US Nonfarm Payrolls report, due later on the day.

US economy is expected to have created 90,000 new jobs in September, according to the market consensus, while the Unemployment Rate is seen steady at 4.1%. The ADP Employment Change report beat expectations on Wednesday and boosted hopes for a strong payrolls reading on Friday, although recent inflation data has cooled expectations of a Federal Reserve (Fed) interest rate hike in October. Read more...

GBP/USD Price Forecast: Likely to retest YTD low near 1.3140

The British Pound (GBP) trades 0.1% higher at around 1.3208 against the US Dollar (USD) during the Asian trading session on Friday. The GBP/USD pair as the US Dollar Index trades slightly lower to near 101.93 after posting a fresh over-a-year high at 102.20 on Thursday.

The US Dollar is expected to trade cautiously as investors await the United States (US) Nonfarm Payrolls (NFP) data for September, which will be published at 12:30 GMT. Read more...

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