Pound Sterling Price News and Forecast: GBP/USD remains sidelined

FXStreet Team FXStreet

GBP/USD Price Analysis: Cable begins BoE/NFP week on defensive note near 1.2850

GBP/USD aptly portrays the market’s indecision amid the early hours of the key week comprising the Bank of England (BoE) Monetary Policy Meeting and the US Nonfarm Payrolls (NFP), making rounds to 1.2850 by the press time. In doing so, the Cable pair also justifies the mixed technical signals amid cautious optimism.

That said, the Pound Sterling improved from a two-month-old support line the previous day but bearish MACD signals and steady RSI prods the GBP/USD bulls of late. Also acting as a short-term upside hurdle is the 10-DMA level of around 1.2890. Read more...

GBP/USD recovery looks to recapture 1.2900 as Fed hawks retreat on mixed data, focus on BoE, US NFP

GBP/USD benefits from the US Dollar’s retreat amid a sluggish start to the week comprising the all-important Bank of England (BoE) Monetary Policy Meeting and the US Nonfarm Payrolls (NFP). That said, the Cable pair prints mild gains around 1.2860 by the press time after posting a minor weekly loss in the last.

That said, the US Dollar Index (DXY) extends the previous day’s retreat from a three-week high on weekend headlines from China and comments from Federal Reserve Bank of Minneapolis President Neel Kashkari. Furthermore, hopes of witnessing the Bank of England’s (BoE) 0.25% rate hike also allow the Pound Sterling to pare recent losses. Read more...

GBP/USD

Overview
Today last price	1.2851
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	1.2851

Trends
Daily SMA20	1.2889
Daily SMA50	1.2698
Daily SMA100	1.2554
Daily SMA200	1.2286

Levels
Previous Daily High	1.2888
Previous Daily Low	1.2763
Previous Weekly High	1.2996
Previous Weekly Low	1.2763
Previous Monthly High	1.2848
Previous Monthly Low	1.2369
Daily Fibonacci 38.2%	1.2841
Daily Fibonacci 61.8%	1.2811
Daily Pivot Point S1	1.278
Daily Pivot Point S2	1.2709
Daily Pivot Point S3	1.2655
Daily Pivot Point R1	1.2905
Daily Pivot Point R2	1.2959
Daily Pivot Point R3	1.303

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 hangs near three-week low, below 0.6950 as traders await US NFP report

AUD/USD hits a three-week low during the Asian session on Friday as the RBA’s dovish shift and a rout in equity markets weigh on the risk-sensitive Aussie. However, the recent slump in US bond yields to a two-month low keeps US Dollar bulls on the back foot and limits losses for the currency pair as traders look to the US NFP report for a fresh impetus.

USD/JPY bounces off three-week low; keeps the red near 157.65 as focus remains on US NFP

USD/JPY bounces off the weekly low set during the Asian session, as bears turn cautious ahead of the US NFP report due later this Friday. The upside seems limited as the recent slump in US bond yields and hopes of Iran war de-escalation undermine the US Dollar. Moreover, a hawkish BoJ and intervention risks support the Japanese Yen, capping the pair.

Gold pares intraday losses; down a little below $4,100 as focus remains on US NFP

Gold recovers most of its early intraday losses, trading with a mild negative bias near $4,070-$4,075. The US Dollar extends Thursday's recovery from its lowest level since late September, exerting some downward pressure on the commodity. Furthermore, a hawkish US Federal Reserve contributes to the precious metal pullback from a two-week high, which it touched the previous day. Bearish traders, however, seem hesitant ahead of the release of US monthly employment details, which should provide a fresh impetus to the precious metal.

Canada Unemployment Rate set to hold at 6.5% as hiring recovers

Statistics Canada will release its October Labour Force Survey on Friday at 13:30 GMT, with markets anticipating a modest recovery in employment following September's sharp decline. The Unemployment Rate will also be closely watched, as the latest figures could influence the Canadian Dollar.

US Nonfarm Payrolls expected to pick up in October

The United States Bureau of Labor Statistics is set to release October Nonfarm Payrolls data on Friday at 13:30 GMT. The report is expected to show an increase of 65K jobs, up from 29K in the previous month.

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.