Pound Sterling Price News and Forecast: GBP/USD tests nine-day EMA support near 1.3400

FXStreet Team FXStreet

GBP/USD Price Forecast: Tests nine-day EMA support near 1.3400

GBP/USD remains weaker for the fourth consecutive day, trading around 1.3430 during the European hours on Tuesday. The technical analysis of the daily chart indicates a prevailing bullish bias as the pair remains within the ascending channel.

The GBP/USD pair is holding a constructive bullish bias as spot remains above both the nine-day and 50-day Exponential Moving Averages (EMAs). The alignment of shorter and longer EMAs below price suggests an underpinning uptrend, while the 14-day Relative Strength Index (RSI) at roughly 55 points to steady, rather than overstretched, positive momentum. Read more...

GBP/USD falls after cabinet changes

GBP/USD fell to 1.3437 on Tuesday as investors assessed the appointment of Andy Burnham as the new Prime Minister of the UK and the outlook for monetary policy.

Burnham succeeded Keir Starmer without a contest, becoming the country's seventh prime minister in the past decade and the second since the Labour Party returned to power in 2024. Read more...

British Pound attracts bids after UK employment data release

The British Pound (GBP) snaps a three-day losing streak against the Japanese Yen (JPY), rebounding to near 218.55 during the European trading session on Tuesday. The cross attracts bids after the release of the United Kingdom (UK) labor market data for the three months ending May.

The Office for National Statistics (ONS) has reported that the economy created 147K fresh jobs, higher than the previous reading of 100K. The ILO Unemployment Rate remained steady at 4.9%, while it was expected to arrive higher at 5%. Read more...

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