Pound Sterling Price News and Forecast: GBP/USD seesaws around monthly high

FXStreet Team FXStreet

GBP/USD hovers around 1.3400 as Brexit, Omicron fears battle thin liquidity

GBP/USD takes rounds to 1.3400 during an inactive Asian session on Monday. The cable pair snapped a three-day uptrend near the monthly high the previous day as fears over South Africa-linked covid variant and Brexit escalate. However, an offer in the UK and holiday mood elsewhere in the west restricts the market’s moves of late.

GBP/USD

Overview
Today last price	1.3398
Today Daily Change	-0.0016
Today Daily Change %	-0.12
Today daily open	1.3414

Trends
Daily SMA20	1.3277
Daily SMA50	1.345
Daily SMA100	1.3585
Daily SMA200	1.3754

Levels
Previous Daily High	1.3421
Previous Daily Low	1.3384
Previous Weekly High	1.3438
Previous Weekly Low	1.3174
Previous Monthly High	1.3698
Previous Monthly Low	1.3194
Daily Fibonacci 38.2%	1.3398
Daily Fibonacci 61.8%	1.3407
Daily Pivot Point S1	1.3392
Daily Pivot Point S2	1.3369
Daily Pivot Point S3	1.3354
Daily Pivot Point R1	1.3429
Daily Pivot Point R2	1.3444
Daily Pivot Point R3	1.3467

Pound jumps as Omicron risk dismissed

It has been a very good week for the British pound, which is up 1.29%. So good, in fact, that this will likely mark the pound’s best week of 2021. On Thursday, GBP/USD punched above the 1.34 line for the first time in a month.

GBP/USD remains offered below 1.3600

GBP/USD resumes its decline, reversing Tuesday’s bullish attempt and breaking below 1.3600 the figure on Wednesday. Cable’s marked pullback follows a firm advance in the Greenback as investors continue to assess latest US data as well as the geopolitical landscape.

EUR/USD remains on the back foot around 1.1650

EUR/USD comes under renewed selling interest, slipping back to the mid-1.1600s ahead of the opening bell in Asia. Spot loses momentum on the back of solid gains in the US Dollar in a context of unabated geopolitical tensions and steady caution ahead of key US data releases and Chair Warsh’s speech at the Jackson Hole Symposium on Friday. Looking ahead, the ECB will publish its Accounts on Thursday.

Gold puts $4,600 to the test amid USD gains

Gold now faces some renewed downside pressure and seems to challenge the key $4,600 mark per troy ounce on Wednesday. That said, the yellow metal’s correction comes after three daily upticks in a row, fading at the same time the recent move to fresh tops around $4,700. The stronger US Dollar and a decent rebound in US Treasury yields across the curve continue to weigh on bullion.

Bitcoin vs Gold Price Prediction: Rally cools as US PCE inflation holds steady

Bitcoin (BTC) is edging lower, trading slightly above $78,000 on Wednesday. This correction comes after last week’s rally and the subsequent rejection around $81,000. The decline reflects cooling sentiment amid overheated market conditions and increased profit-taking.

Nvidia: How will the company perform as its switches from a chip maker to an AI finance house?

The main event for markets this week takes place this evening, after US markets close. Nvidia, the AI giant, will report results for last quarter. Another monster report is expected. Revenues could come in above $92bn, and earnings per share could come in at $2.09.

Kevin Warsh’s Jackson Hole dilemma: Say too much, too little, or just enough

Kevin Warsh is preparing to deliver his first Jackson Hole speech as Federal Reserve (Fed) Chair on Friday, and expectations extend well beyond whether interest rates will be raised or left unchanged in September.