Pound Sterling Price News and Forecast: GBP/USD steadies close to 1.3950 ahead of UK budget announcement on Wednesday

GBP/USD steadies close to 1.3950 ahead of UK budget announcement on Wednesday

The price of sterling had hit a weekly high 1.4242 with a very firm rejection, putting in a large reversal after 5 waves of the uptrend. 

GBP/USD is currently consolidating around the 1.3950 mark amid thin trading volumes with the Wednesday Asia Pacific session yet to get into full flow. Recent news that UK Finance Minister Rishi Sunak is set to extend Covid-19 support further than expected has not impacted FX markets at all but may support GBP as volumes pick up in the coming hours. As a reminder, the budget is set to be revealed tomorrow; Sunak will be delivering a speech before parliament after PMQs likely to start around 12:30GMT. GBP/USD closed Tuesday trade with modest 0.2% gains, having recovered from early European session lows of just above the 1.3850 mark to current levels around 1.3950.

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Today last price 1.3956
Today Daily Change -0.0010
Today Daily Change % -0.07
Today daily open 1.3966
Daily SMA20 1.3895
Daily SMA50 1.3731
Daily SMA100 1.3475
Daily SMA200 1.3146
Previous Daily High 1.3977
Previous Daily Low 1.3859
Previous Weekly High 1.4243
Previous Weekly Low 1.389
Previous Monthly High 1.4243
Previous Monthly Low 1.3566
Daily Fibonacci 38.2% 1.3932
Daily Fibonacci 61.8% 1.3904
Daily Pivot Point S1 1.3891
Daily Pivot Point S2 1.3816
Daily Pivot Point S3 1.3773
Daily Pivot Point R1 1.4009
Daily Pivot Point R2 1.4052
Daily Pivot Point R3 1.4127


GBP/USD Forecast: Nice comeback hints at further gains in the docket

The GBP/USD pair bottomed this Tuesday at 1.3856, recovering afterwards to close the day with gains in the 1.3970 price zone. The advance was the result of decreased dollar’s demand as government bond yields held within familiar levels for a second consecutive day. The UK macroeconomic calendar had nothing relevant to offer, as the country published the February Nationwide Price Index, which rose 6.9% YoY.

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