Pound Sterling Price News and Forecast: GBP/USD slides below 1.3100 mark, fresh session lows

FXStreet Team FXStreet

GBP/USD: Strong near-term recovery towards the March high at 1.3201 – Commerzbank

GBP/USD soared on Wednesday and Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, looks at the 1.3201 March high after the cable moved above the 1.3085 mark.

Key quotes: "GBP/USD has seen a pretty strong rebound from the 20-day ma and this has effectively neutralised the near-term outlook. It is immediately bid above the near-term uptrend at 1.2881."

"The move above 1.3085 implies that the market is capable of retesting the 1.3201 March high and the recent high at 1.3483. In this vicinity is the 1.3468 multi-year downtrend and if seen we would allow this to again hold." Read more...

GBP/USD slides below 1.3100 mark, fresh session lows

The intraday USD buying interest picked up pace in the last hour and dragged the GBP/USD pair back below the 1.3100 mark, or fresh daily lows.

The pair witnessed some selling during the early European session on Thursday and eroded a part of the previous day's strong positive move of over 240 pips to six-week tops. A weaker tone around the equity markets helped revive demand for the safe-haven US dollar, which, in turn, was seen as a key factor that prompted some selling around the GBP/USD pair. Read more...

GBP/USD: Three reasons to consider a downside correction

GBP/USD soared on Wednesday amid the resumption of the Brexit negotiations officially and hopes of a potential deal by mid-November. However, Yohay Elam, an Analyst at FXStreet, explains three reasons why the cable may be headed lower after the Brexit breakout.

Key quotes: "Agreeing to intensify talks does not mean reaching common ground on the thorny issues. London and Brussels are at odds over state aid. This significant topic is competing with a minor, yet politically charged one – fisheries. Moreover, Britain and the bloc are still at loggerheads over the previous accord. Johnson's Internal Markets Bill knowingly violates the Brexit Withdrawal Agreement and the EU took legal action against it. Overall, the enthusiasm from new talks may fade swiftly." Read More...

GBP/USD

Overview
Today last price	1.3109
Today Daily Change	-0.0041
Today Daily Change %	-0.31
Today daily open	1.315

Trends
Daily SMA20	1.2929
Daily SMA50	1.3015
Daily SMA100	1.2851
Daily SMA200	1.271

Levels
Previous Daily High	1.3177
Previous Daily Low	1.294
Previous Weekly High	1.3083
Previous Weekly Low	1.2863
Previous Monthly High	1.3482
Previous Monthly Low	1.2676
Daily Fibonacci 38.2%	1.3086
Daily Fibonacci 61.8%	1.303
Daily Pivot Point S1	1.3001
Daily Pivot Point S2	1.2851
Daily Pivot Point S3	1.2763
Daily Pivot Point R1	1.3238
Daily Pivot Point R2	1.3326
Daily Pivot Point R3	1.3475

Author

FXStreet Team

FXStreet

EUR/USD appears supported by the 200-day SMA, for now

Following an early pullback to multi-week lows near 1.1670, EUR/USD now manages to reclaim the 1.1700 region as the NA session draws to a close on Monday. The steep retracement in spot follows the equally strong move higher in the US Dollar, as investors continue to assess the geopolitical landscape in the wake of the US and Israel attacks on Iran.

GBP/USD hits new yearly lows near 1.3300

GBP/USD adds to the recent bearish tone, approaching to the key 1.3300 support to reach fresh YTD troughs against the backdrop of the robust performance of the US Dollar. Indeed, Cable’s decline comes amid the firm demand for the safe-haven space in the wake of the US and Israel attacks to Iran.

Gold eases some ground, approaches $5,300

Gold now surrenders part of the earlier advance, reshifting its attenton to the $5,300 zone per troy ounce at the beginning of the week. Indeed, the yellow metal’s firm performance appears propped up by incresing geopolitical jitters in the Middle East, which at the same time fuels the demand for the safe-haven space.