Pound Sterling Price News and Forecast: GBP/USD remains supported in upper 1.3900s

FXStreet Team FXStreet

GBP/USD remains supported in upper 1.3900s and outperforming peers following UK budget announcement

The price of sterling had hit a weekly high 1.4242 with a very firm rejection, putting in a large reversal after 5 waves of the uptrend.

GBP/USD saw a pickup in volatility ahead of the 4pm London Fix, dropping to lows of the session in the 1.3920s only to then rebound into positive territory on the day in the 1.3980s. The pair is still a few pips off its European session highs of just above the 1.4000 mark, a level the bulls will likely be targeting, but has been holding up well, with GBP one of the best performing G10 currencies on the day.

GBP/USD

Overview
Today last price	1.393
Today Daily Change	-0.0022
Today Daily Change %	-0.16
Today daily open	1.3952

Trends
Daily SMA20	1.3911
Daily SMA50	1.374
Daily SMA100	1.3484
Daily SMA200	1.3155

Levels
Previous Daily High	1.4006
Previous Daily Low	1.3921
Previous Weekly High	1.4243
Previous Weekly Low	1.389
Previous Monthly High	1.4243
Previous Monthly Low	1.3566
Daily Fibonacci 38.2%	1.3954
Daily Fibonacci 61.8%	1.3974
Daily Pivot Point S1	1.3913
Daily Pivot Point S2	1.3874
Daily Pivot Point S3	1.3828
Daily Pivot Point R1	1.3999
Daily Pivot Point R2	1.4045
Daily Pivot Point R3	1.4084

GBP/USD Forecast: Dips will likely continue to attract buyers

The GBP/USD pair is ending the day as it started it, in the 1.3960/70 price zone. The pair surged to 1.4005 from where it fell to 1.3920 during US trading hours, as the dollar gathered some temporal attention on rising yields. Weighing on the pound, the February Markit Services PMI came in at 49.5, below the expected 49.7, as a result of the national lockdown affecting travel and hospitality.

EUR/USD challenges 1.1700, six-week lows

EUR/USD remains under heavy downside pressire in quite a dfrreadful start to the new trading week, putting the 1.1700 support to the test amid the marked rebound in the US Dollar. The flight-so-safety environment continues to support the Greenback following the escalating conflict in the Middle East.

GBP/USD targets 1.3500 barrier near moving averages

GBP/USD rebounds from the daily losses, trading around 1.3450 during the Asian hours on Monday. The technical analysis of the daily chart indicates an ongoing bearish bias, as the pair trades within a descending channel pattern.

Gold surges on safe-haven demand, tests $5,400

Gold benefits from intense risk-aversion on Monday and climbs to the $5,400 region, setting a fresh monthly-high in the process. Tensions in the Middle East remain high as Israel and Hezbollah continue to exchange strikes following the US-Israel joint attack on Iran over the weekend.

Bitcoin on brink of breakdown amid US-Iran war

Bitcoin (BTC) remains under pressure near the key support level of $65,700. Trading at $66,400 at the time of writing on Monday, a breakdown below this critical level would suggest a deeper correction ahead.

The week ahead: Conflict in the Middle East jolts markets

Events in the Middle East are obviously dominating financial markets this morning. The Brent crude oil price is extending gains and is higher by more than 8%, stock futures are pointing lower and the gold price is higher by more than 2%.

Pi Network Price Forecast: Core team offloads supply, weighing on PI recovery

Pi Network hovers below $0.1700, broadly steady at press time on Monday, attempting a recovery after a 2% loss the previous day. Sunday’s decline aligned with nearly 49 million PI tokens offloaded by the Pi Foundation, implying a spike in supply pressure that capped the prevailing four-day recovery.