Pound Sterling Price News and Forecast: GBP/USD sellers attack 1.3400 with eyes on three-month-old support line

FXStreet Team FXStreet

GBP/USD sees 100 pip spike on UK PM’s “last ditch” push for a Brexit deal

Reports from Bloomberg that the UK PM Boris Johnson is making a final “last-ditch” push for a Brexit with a new compromise on the issue of fisheries has spurred significant GBP upside in recent trade. GBP/USD spiked as high as 1.3496 from below 1.3400 prior to the news breaking. The pair still trades lower by around 0.4% or 60 pips on the day, however, as markets wait to see how the Europeans respond to this offer.

At around 19:30GMT, Bloomberg reported that the EU is considering a new offer on fishing rights from the UK as PM Johnson reportedly looks to secure an “11th-hour” trade deal with the bloc. Under the new UK offer, EU would reduce the value of fish caught in UK waters by 35% over a five-year transition period, a big drop from demands last week that the EU reduce the value of their catch by 60%.

GBP/USD Price Analysis: Sellers attack 1.3400 with eyes on three-month-old support line

GBP/USD refreshes intraday low to 1.3415, down 0.28%, during early Tuesday’s trading. The pair dropped to the lowest since December 11 the previous day before bouncing off an ascending trend line from the late-September. Though, a daily closing below 5-day SMA backs the recent lower high pattern to favor the bears.

As a result, the early November high near 1.3315 is likely returning to the chart while the stated support line, at 1.3187 now, can please GBP/USD bears afterward.

AUD/USD remains depressed near 0.6950 after RBA minutes

AUD/USD attracts follow-through selling during Tuesday’s Asian session, looking to extend the overnight rejection slide from 0.7000, or a two-week top, following the release of RBA meeting Minutes. The US Dollar retains a bullish undertone near its highest level since April 2025 as energy-driven inflation risks keep December Fed rate hike bets firmly on the table. Adding to this, geopolitical risks further underpin the safe-haven USD.

USD/JPY extends retreat below 158.50 as intervention risks loom

USD/JPY is dropping below 158.50 in the Asian session on Tuesday, snapping a two-day winning streak and pulling back from an over two-week top touched the previous day, despite Japan's soft PPI inflation print. Bulls turn cautious amid speculation that authorities will step in to prop up the Japanese Yen, which, in turn, weighs on the pair.

Gold advances to $4,200 amid retreating USD; Fed hike bets to cap further gains

Gold builds on its modest intraday move up and hits a fresh daily high around the $4,200 neighborhood during the Asian session. The US Dollar retreats from its highest level since April 2025 amid some profit-taking, offering support to the commodity. However, the US Federal Reserve's hawkish stance and escalating Middle East conflicts could limit deeper losses for the safe-haven buck.

Cardano: Retail support wanes as ADA tests a make-or-break level

Cardano price is up nearly 2% at press time on Tuesday, holding above its 50-day Exponential Moving Average (EMA) at $0.2302 and a near-term rising support trendline at $0.2264. ADA is losing retail demand in the derivatives market as its futures Open Interest declines and funding rates flip negative.

Indian Rupee gains further on RBI’s fresh measures to lower US Dollar’s demand

The Indian Rupee extends the Monday’s advance against the US Dollar on Tuesday, driven by the announcement of fresh Reserve Bank of India’s US Dollar-related measures to shore up the domestic currency. In the opening session, the USD/INR pair tumbles 0.6% to near 95.00, the lowest level seen in over a month.

Has Bitcoin really escaped the macro forces it was built to fight?

Over 17 years ago, Satoshi Nakamoto designed Bitcoin (BTC) on the back of a global financial crisis as an alternative to the global monetary system outside the control of central banks, governments and traditional intermediaries. This raises a key question: has Bitcoin really become independent of the macroeconomic forces it was built to challenge?