Pound Sterling Price News and Forecast: GBP/USD retests good support at 1.3865/55

FXStreet Team FXStreet

GBP/USD outlook: Bears resume after five-day consolidation under 1.40

Cable dropped to three-week low on Friday, after breaking below five-day congestion, capped by 1.40 barrier. Fresh strength of the US dollar added pressure on sterling to extend pullback from new nearly three-year high (1.4238), with violation of 1.3869 (Fibo 23.6% of 1.2675/1.4238/range floor) and 1.3841 (rising 30DMA) generating fresh bearish signals.

Bears pressure 1.3800 (round figure support) eyeing 55DMA (1.3724) and more significant levels at 1.3641/39 (Fibo 38.2%/top of rising daily cloud). Rising negative momentum and daily MA’s (10,20,30) in bearish setup support scenario, with US jobs data expected to be a key driver today. Read more...

GBP/USD retests good support at 1.3865/55

GBPUSD retests good support at 1.3865/55. Further losses meet a buying opportunity at 1.3820/00 with stops below 1.3785. A break lower is a medium term sell signal.Gains are likely to be limited in what could be a developing bear trend. Minor resistance at 1.3940/60 then strong resistance at 1.4000/20.

EURGBP minor resistance at 8660/70 then key resistance at 8700/8710 on a bounce today. A break above 8730 however targets 8750/60, perhaps as far as resistance at 8790/8800.Failure to beat 8660/70 targets 8630/20, perhaps as far as 8595/85 (hit yesterday). A break lower targets 8560/50 with a break below 8540 acting as the next sell signal. Read more...

GBP/USD Forecast: Pound powerless against Powell, Nonfarm Payrolls could deliver extra punch

Britain's new budget has been well received by investors and the country's vaccination campaign is hailed as a success – but nothing can match the Federal Reserve's firepower. That is especially true when the world's most powerful central refuses to budge.

Jerome Powell, Chairman of the Federal Reserve, said that the rapid rise in bond yields has "caught my attention" – but nothing else. Otherwise, he stuck to the script of dismissing prospects of rising inflation, saying that the Fed eyes various measures of financial conditions and stressing that ten million Americans remain out of work. Read more...

Author

FXStreet Team

FXStreet

EUR/USD falls to near 1.1600 due to persistent bearish bias

EUR/USD depreciates after registering modest gains in the previous session, trading around 1.1610 during the Asian hours on Thursday. The technical analysis of the daily chart suggests a persistent bearish bias as the EUR/USD pair remains within the descending channel pattern.

GBP/USD underperforms as UK faces stagflation risks amid Middle East war

The Pound Sterling trades lower against its major currency peers, is down 0.22% around 1.3340 against the US Dollar, during the Asian trade on Thursday. The British currency faces selling pressures amid fears that the United Kingdom economy could face stagflation risks due to higher energy prices, a situation in which inflation accelerates with economic growth and employment conditions remaining stagnant.

Gold climbs near $5,200 as Iran war fuels safe-haven demand

Gold price extends its gains for the second successive session on Thursday as traders seek safety amid the ongoing war in the Middle East. US and Israeli strikes across Iranian territory and widespread Iranian missile and drone retaliation across the Middle East, including attacks on regional targets and military sites, prolong the crisis and its impact.

Top Crypto Gainers: Decred, Zcash, and Dogecoin lead recovery as Bitcoin crosses $72,000

Bitcoin trades above $72,500 at press time on Thursday, holding its 6% gain from the previous day, contributing to a broader market recovery. The total cryptocurrency market capitalization stands at over $2.43 trillion as the broader market sentiment improves significantly.

First Venezuela, now Iran: The US-China energy war escalates

At first glance, the latest escalation involving the United States with both Iran and Venezuela looks like another chapter in a long-running geopolitical story. But viewed through a broader strategic lens, something else may be unfolding: Energy.

Cardano Price Analysis: Approaches key trendline amid bearish sentiment

Cardano (ADA) price is approaching its descending trendline around $0.28 at the time of writing, set to shape the next directional move. The derivatives metrics paint a bearish picture, with ADA’s Open Interest continuing to fall and short bets rising among traders.