Pound Sterling Price News and Forecast: GBP/USD recovery at the mercy of BoE rate hike bets

FXStreet Team FXStreet

GBP/USD Weekly Forecast: Pound recovery at the mercy of BoE rate hike bets

The GBP/USD pair started the week under bearish pressure after failing to reclaim 1.3500 in the previous week. With the greenback continuing to gather strength against its major rivals on the back of rising US Treasury bond yields, the pair extended its slide below 1.3300 and touched its lowest level since December 2020. Ahead of the weekend, the intense flight to safety triggered a sharp drop in yields and allowed GBP/USD to erase a small portion of its weekly losses. Read more...

GBP/USD Forecast: Decreasing BoE rate hike bets limit pound's upside

After dipping below 1.3300 earlier in the day, GBP/USD has managed to gain traction in the early European session and started to push higher toward mid-1.3300s on heavy selling pressure surrounding the dollar. However, the British pound could have a difficult time preserving its strength with investors reassessing the impact of the new coronavirus variant on the Bank of England's (BoE) policy outlook. Read more...

Breaking: GBP/USD refreshes yearly low around 1.3300 on coronavirus, Brexit woes

GBP/USD extends the five-day downtrend towards refreshing 2021 low near 1.3300 heading into Friday’s London open. The cable’s latest weakness could be linked to the broad market fears over the coronavirus variant and the Brexit woes. However, bears seem to wait for the outcome of European Commission's Brexit point person Maroš Šefčovič’s UK visit on Friday, not to forget the UK Health Security Agency (UKHSA) technical briefing to discuss the variant covid variant. Read more...

GBP/USD

Overview
Today last price	1.3336
Today Daily Change	0.0014
Today Daily Change %	0.11
Today daily open	1.3322

Trends
Daily SMA20	1.3482
Daily SMA50	1.3594
Daily SMA100	1.3701
Daily SMA200	1.3824

Levels
Previous Daily High	1.3354
Previous Daily Low	1.3305
Previous Weekly High	1.3514
Previous Weekly Low	1.3396
Previous Monthly High	1.3834
Previous Monthly Low	1.3434
Daily Fibonacci 38.2%	1.3324
Daily Fibonacci 61.8%	1.3335
Daily Pivot Point S1	1.3301
Daily Pivot Point S2	1.3279
Daily Pivot Point S3	1.3253
Daily Pivot Point R1	1.3349
Daily Pivot Point R2	1.3375
Daily Pivot Point R3	1.3397

Author

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

AUD/USD consolidates near 0.7000 as USD stays weak

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USD/JPY drifts lower to 158.25 on hawkish BoJ Minutes, weak USD

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Gold eases from two-week top; holds comfortably above $4,100

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TRUMP token hits record low amid mounting selling pressure

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BoE expected to hike interest rate to 4.00%

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US Dollar breaks below 101.50 as Democrats sweep Congress

The US Dollar (USD) comes under heavy selling pressure on Wednesday, with the US Dollar Index (DXY) falling around 0.5% to trade near 101.35 after sliding below the 101.50 level. The Greenback retreats to its lowest level in four weeks as investors reassess the political and economic outlook following the Democratic Party's sweeping victory in the United States (US) midterm elections.