Pound Sterling Price News and Forecast: GBP/USD remains depressed around one-week low

FXStreet Team FXStreet

GBP/USD: Covid risks digging in to daily support territory

GBP/USD has started out the week on the back foot as the price drops near to 0.5%. Cable has fallen from a high of 1.3862 and met a low of 1.3755 in Tokyo. The bears are in charge as investors fret over the rise of the delta variant in the UK and overseas, and GBP was poised for a weekly loss of 0.8%, its worst since mid-June.

In recent months, a variant of SARS-CoV-2, the virus that causes COVID-19, has been making headlines as it has spread across the world. The Covid delta variant has exploded in the UK and there are questions as to whether the lifting of lockdown rules in England from Monday is a good idea.

GBP/USD Price Analysis: On the back foot below 1.3800, focus on 14-week-old support line

GBP/USD sellers attack a one-week low of around 1.3760 amid a lacklustre Asian session on Monday. In doing so, the cable pair stays pressured for the third day in a row after failing to cross a downward sloping trend line from June 23.

Also backing the pair sellers could be the MACD line that teases the cross over the signal line, suggesting further weakness. However, an upward sloping support line from early April, around 1.3740, becomes the key support for GBP/USD bears to watch.

EUR/USD recovers above 1.1600 as focus shifts to US data

EUR/USD stages a modest rebound and trades in positive territory above 1.1600 in the European session on Wednesday. Improving risk sentiment makes it difficult for the US Dollar to preserve its strength and helps the pair edge higher as focus shifts to key US data releases.

GBP/USD climbs above 1.3350 on improving risk mood

GBP/USD gains traction and advances toward 1.3400 on Wednesday. Although there are no headlines pointing to a de-escalation in the Middle East conflict, the modest recovery seen in US stock index futures limit the USD's gains and help the pair hold its ground.

Gold rebounds toward $5,200 as USD retreats

Gold maintains its offered tone through European session on Wednesday and climbs to the $5,200 region. The downward correction seen in the US Dollar and the ongoing crsis in the Middle East seem to be allowing XAU/USD to preserve its recovery momentum.

ADP Employment Report set to signal stronger February jobs growth, little effect on Fed outlook

The Automatic Data Processing (ADP) Research Institute will release its monthly report on private-sector job creation for February on Wednesday. The so-called ADP Employment Change report is expected to show that the United States private sector added 50K new positions in the month, following the 22K gained in January.

Asian stocks fall as South Korea’s KOSPI slumps over 10%

Asian equities drop on Middle East tensions; the MSCI Asia Pacific Index falls up to 4%. South Korea’s KOSPI fell 10.71% near 5,170, with the Korean Won weakened past 1,500 per dollar.

Solana Price Forecast: SOL consolidation near resistance as ETF inflows offer mild support

Solana price is facing slight rejection as it approaches the upper boundary of the consolidation range at around $88 on Wednesday. Institutional demand is strengthening as spot Exchange Traded Funds recorded two consecutive inflows so far this week.