Pound Sterling Price News and Forecast: GBP/USD sellers take a breather

FXStreet Team FXStreet

GBP/USD Price Analysis: Oversold RSI probes bears at yearly bottom of 1.3401

GBP/USD defends the 1.3400 threshold amid Thursday’s initial Asian session, following the slump to refresh the yearly low. The lackluster moves could be linked to the cable pair’s inability to extend the downside break of September month’s low near 1.3410, as well as the nearly oversold RSI conditions. That said, the corrective pullback may aim for 50% Fibonacci retracement (Fibo.) of the pair’s run-up from September 2020 to June 2021, around 1.3460.

GBP/USD bearish zigzag is obvious: We go further down

The price is bearish. The markets are going down as technical and fundamentals are aligned. BOE stance was dovish and this has absolutely been reflecting on the price. At this point you can see that markets are bearish and my strong opinion is that bearish continuation is developing atm.You can see all positions that I have and this new GBP/USD position. Targets are 1.3462 followed by 1.3380 and eventually 1.3275.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD struggles for direction amid USD gains

EUR/USD is trimming part of its earlier gains, coming under some mild downside pressure near 1.1730 as the US Dollar edges higher. Markets are still digesting the Fed’s latest rate decision, while also looking ahead to more commentary from Fed officials in the sessions ahead.

GBP/USD drops to daily lows near 1.3360

Disappointing UK data weighed on the Sterling towards the end of the week, triggering a pullback in GBP/USD to fresh daily lows near 1.3360. Looking ahead, the next key event across the Channel is the BoE meeting on December 18.

Gold losses momentum, challenges $4,300

Gold now gives away some gains and disputes the key $4,300 zone per troy ounce following earlier multi-week highs. The move is being driven by expectations that the Fed will deliver further rate cuts next year, with the yellow metal climbing despite a firmer Greenback and rising US Treasury yields across the board.

Litecoin Price Forecast: LTC struggles to extend gains, bullish bets at risk

Litecoin (LTC) price steadies above $80 at press time on Friday, following a reversal from the $87 resistance level on Wednesday. Derivatives data suggests a bullish positional buildup while the LTC futures Open Interest declines, flashing a long squeeze risk.

Big week ends with big doubts

The S&P 500 continued to push higher yesterday as the US 2-year yield wavered around the 3.50% mark following a Federal Reserve (Fed) rate cut earlier this week that was ultimately perceived as not that hawkish after all. The cut is especially boosting the non-tech pockets of the market.

Aave Price Forecast: AAVE primed for breakout as bullish signals strengthen

Aave (AAVE) price is trading above $204 at the time of writing on Friday and approaching the upper boundary of its descending parallel channel; a breakout from this structure would favor the bulls.