Pound Sterling Price News and Forecast: GBP/USD risk aversion pushes cable below 1.37 mark

FXStreet Team FXStreet

GBP/USD Price Analysis: Breaches critical daily support, focus on Thursday’s close

GBP/USD is attacking the 1.3700 level, as a broad US dollar’s strength remains the key theme playing out in early European trading.

The cable suffers from hawkish FOMC minutes-led dollar’s strength as well as from slowing inflationary pressures in the UK and Brexit worries.

The cable is now trading at 1.3704, down 0.36% on the day, having finally breached the critical upward-sloping daily support line, now at 1.3739. The line connects the previous day’s low and July lows. Read more...

GBP/USD outlook: Risk aversion pushes cable below 1.37 mark

Cable resumes steep descend, which paused after 0.8% drop on Tuesday, and probed below 1.3700 mark on Thursday.

Bears cracked pivotal Fibo support at 1.3668 (76.4% of 1.3571/1.3983), on course to fully retrace the upleg from 1.3571 (July 20 low).

Rising bearish momentum and multiple MA bear crosses on daily chart support the action but bears may face headwinds on approach to the top of thick rising weekly cloud (1.3645) as daily stochastic is oversold. Read more...

GBP/USD remains heavily offered below 1.3700 mark, one-month lows

The GBP/USD pair dropped to near one-month lows, around the 1.3665 region in the last hour, albeit recovered few pips thereafter. The pair was last seen trading just below the 1.3700 mark, still down over 0.40% for the day.

Following the previous day's modest bounce, the GBP/USD pair came under some fresh selling pressure on Thursday and prolonged its recent decline from the vicinity of the key 1.4000 psychological mark. A combination of factors pushed the US dollar to the highest level since November 2020, which, in turn, was seen as a key factor that dragged the GBP/USD pair lower. Read more...

GBP/USD

Overview
Today last price	1.3684
Today Daily Change	-0.0071
Today Daily Change %	-0.52
Today daily open	1.3755

Trends
Daily SMA20	1.3852
Daily SMA50	1.3866
Daily SMA100	1.3928
Daily SMA200	1.3787

Levels
Previous Daily High	1.3786
Previous Daily Low	1.3731
Previous Weekly High	1.3894
Previous Weekly Low	1.3791
Previous Monthly High	1.3984
Previous Monthly Low	1.3572
Daily Fibonacci 38.2%	1.3765
Daily Fibonacci 61.8%	1.3752
Daily Pivot Point S1	1.3728
Daily Pivot Point S2	1.3702
Daily Pivot Point S3	1.3673
Daily Pivot Point R1	1.3784
Daily Pivot Point R2	1.3813
Daily Pivot Point R3	1.3839

Author

FXStreet Team

FXStreet

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