Pound Sterling Price News and Forecast: GBP/USD stays on the back foot around multi-day low

FXStreet Team FXStreet

GBP/USD: Bears attack 1.3100 at 16-month low amid Russia-Ukraine stand-off

GBP/USD treads water around the lowest levels since November 2021, recently making rounds to 1.3100 during Tuesday’s Asian session. The cable pair slumped to the multi-day low amid broad US dollar strength as the market players rush to risk-safety amid escalating inflation fears due to the Ukraine-Russia tussles.

GBP/USD

Overview
Today last price	1.312
Today Daily Change	0.0012
Today Daily Change %	0.09
Today daily open	1.3108

Trends
Daily SMA20	1.3471
Daily SMA50	1.3516
Daily SMA100	1.348
Daily SMA200	1.3647

Levels
Previous Daily High	1.3246
Previous Daily Low	1.3102
Previous Weekly High	1.3438
Previous Weekly Low	1.3202
Previous Monthly High	1.3644
Previous Monthly Low	1.3273
Daily Fibonacci 38.2%	1.3157
Daily Fibonacci 61.8%	1.3191
Daily Pivot Point S1	1.3058
Daily Pivot Point S2	1.3008
Daily Pivot Point S3	1.2914
Daily Pivot Point R1	1.3202
Daily Pivot Point R2	1.3296
Daily Pivot Point R3	1.3347

GBP/USD Forecast: Next bearish target aligns at 1.3120

GBP/USD has started the new week under strong bearish pressure with the greenback capitalizing on safe-haven flows. The pair was last seen testing the 1.3160 support and additional losses are likely in case this level turns into resistance.

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.