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


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.

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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.

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