Pound Sterling Price News and Forecast: GBP/USD soars above 1.3400 [Video]

FXStreet Team FXStreet

GBP/USD soars above 1.3400 as threat to Fed’s independence batters US Dollar

The GBP/USD pair rallies to near 1.3400 during European trading hours on Monday, the highest level seen in seven months. The Cable strengthens as the US Dollar (USD) has been battered by the threat to the Federal Reserve’s (Fed) independence after United States (US) President Donald Trump.

The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, is down over 1% to a fresh three-year low near 98.00. Read more...

GBP/USD Forecast: Pound Sterling could face next resistance at 1.3430

GBP/USD extends its uptrend to start the week and trades at its highest level since September near 1.3400. The pair could face stiff resistance at 1.3430.

Following the long weekend, the US Dollar (USD) comes under a strong selling pressure on Monday as the US-China trade conflict shows no signs of de-escalation anytime soon. Read more...

GBP/USD Elliott Wave technical analysis [Video]

The GBPUSD daily chart displays a clear trending pattern using the Elliott Wave theory. Currently, the currency pair is moving within navy blue wave 1, part of the broader gray wave 1. This positioning indicates the beginning of a new impulse wave, which could gain momentum in upcoming sessions. The structure suggests this is the first wave in what might develop into a complete five-wave impulse pattern across current and higher timeframes. Read more...

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FXStreet

EUR/USD: Gains remain capped by 1.1650

EUR/USD remains in recovery-mode following the closing bell in Euroland on Wednesday, hovering around the 1.1650 zone amid renewed downside pressure on the US Dollar and a marginal improvement in the global sentiment.

GBP/USD appears bid around 1.3370

GBP/USD reverses part of its recent multi-day decline, gathering some balance and managing to reach the 1.3400 region, where some initial resistance seems to have turned up. Cable’s uptick comes in response to some loss of momentum in the Greenback despite the geopolitical scenario remaining fragile.

Gold recovers modestly despite intensifying Middle East crisis

Gold keeps its daily gains well in place, although a break above the $5,200 mark per troy ounce still remains elusive on Wednesday. The yellow metal’s rebound comes in response to the persistent flight-to-safety amid intense geopolitical tensions in the Middle East and the bearish performance of the US Dollar.