Pound Sterling Price News and Forecast: GBP/USD recovers some ground after hitting 1985’s lows

FXStreet Team FXStreet

GBP/USD recovers some ground after hitting 1985’s lows, ahead of next week's BoE/Fed decisions

The British pound trims its earlier losses against the greenback after hitting a 37-year low around 1.1350, and recovers the 1.1400 thresholds after registering weaker-than-estimated retail sales, fueled speculations of the UK’s tapping into a recession. At the time of writing, the GBP/USD is trading at 1.1395, below its opening price, by 0.62%. A risk-off impulse keeps most G8 currencies heavy. The greenback pared some earlier losses, as shown by the US Dollar Index, almost flat at around 109.704, yet still 0.04% down. US economic data released by the University of Michigan showed that US consumers remain slightly upbeat regarding the US economy. The Consumer Sentiment in September rose to 59.5, below estimates by a notch but better than the 58.6 achieved in August. Read more...

GBP/USD

Overview
Today last price	1.1412
Today Daily Change	-0.0054
Today Daily Change %	-0.47
Today daily open	1.1466

Trends
Daily SMA20	1.1634
Daily SMA50	1.1884
Daily SMA100	1.2118
Daily SMA200	1.2713

Levels
Previous Daily High	1.1556
Previous Daily Low	1.1462
Previous Weekly High	1.1648
Previous Weekly Low	1.1405
Previous Monthly High	1.2294
Previous Monthly Low	1.1599
Daily Fibonacci 38.2%	1.1498
Daily Fibonacci 61.8%	1.152
Daily Pivot Point S1	1.1433
Daily Pivot Point S2	1.14
Daily Pivot Point S3	1.1338
Daily Pivot Point R1	1.1527
Daily Pivot Point R2	1.1589
Daily Pivot Point R3	1.1622

GBP/USD Weekly Forecast: 21DMA keeps bears alive ahead of BOE, Fed

GBP/USD witnessed good two-way businesses in another volatile week, dominated by hawkish Fed expectations and a bunch of top-tier economic data from both sides of the Atlantic. Cable settled the week deep in the red below 1.1500, down nearly 200 pips, as traders look forward to critical policy decisions from the US Federal Reserve (Fed) and the Bank of England (BOE) due in the week ahead. Read more...

GBP/USD Forecast: A technical correction is pound's only hope

GBP/USD has extended its slide after having dropped below 1.1400 and touched its lowest level since 1985 at 1.1350. The risk-averse market environment is unlikely to allow the pair to shake off the bearish pressure but sellers could opt to book their profits ahead of the weekend, opening the door to a technical correction. The disappointing data from the UK caused the British pound to suffer heavy losses against its major rivals. The UK's Office for National Statistics reported that Retail Sales declined by 1.6% on a monthly basis in August following July's increase of 0.4%. This print came much worse than the market expectation for a decrease of 0.5%. Read more...

Author

FXStreet Team

FXStreet

EUR/USD deflates to fresh lows, targets 1.1600

The selling pressure on EUR/USD now gathers extra pace, prompting the pair to hit fresh multi-week lows in the 1.1625-1.1620 band on Friday. The continuation of the downward bias comes in response to further gains in the US Dollar as market participants continue to assess the mixed release of US Nonfarm Payrolls in December.

GBP/USD breaks below 1.3400, challenges the 200-day SMA

GBP/USD remains under heavy fire and retreats for the fourth consecutive day on Friday. Indeed, Cable suffers the strong performance of the Greenback, intensified post-mixed NFP, and trades at shouting distance from its critical 200-day SMA near 1.3380.

Gold flirts with yearly tops around $4,500

Gold keeps its positive bias on Friday, adding to Thursday’s advance and challenging yearly highs in the $4,500 region per troy ounce. The risk-off sentiment favours the yellow metal despite the firmer tone in the Greenback and rising US Treasury yields.