Pound Sterling Price News and Forecast: GBP/USD – The good is likely to beat the bad and the ugly


GBP/USD Analysis: Ascending channel resistance capped gains, bullish potential still intact

The GBP/USD pair gained some strong positive traction on the first day of a new trading week and shot to the 1.3400 neighbourhood, or the highest level since September 2. The British pound was well supported by the prospect of a last-minute Brexit deal and got an additional boost from better-than-expected UK PMI prints for November. Bulls largely shrugged off not so optimistic comments by the EU chief Brexit negotiator Michel Barnier, saying that fundamental differences remain in the trade talks with the UK.

On the other hand, the US dollar remained depressed through the first half of the trading action on Monday on the back of the positive news of successful COVID-19 vaccine trials. Apart from this, speculations that the Fed might ease monetary policy further in December – amid concerns about the economic fallout from the continuous surge in new coronavirus cases – exerted some additional downward pressure on the greenback. However, a late pickup in the USD demand kept a lid on any further gains for the major, rather prompted some selling at higher levels. Read more...

GBPUSD

GBP/USD Forecast: The good is likely to beat the bad and the ugly, bullish breakout eyed

More upside than downside – but is it sufficient to break above 1.34? Monday's upside move failed to break that round level, but sterling has another chance. There are several moving parts that can be categorized into The Good, The Bad, and The Ugly.

The good – Three factors

Vaccine: AstraZeneca and the University of Oxford published promising results from their Phase 3 coronavirus vaccine trial. While the different dosage figures caused some confusion, markets are more optimistic now and await the final figures. The British-grown immunization scheme is the third out of three vaccines and emergency authorization is likely in the UK as early as next week. Read more...

GBPUSD

GBP/USD refreshes session tops near 1.3380 region, eyeing overnight swing highs

The USD selling bias picked up pace during the early European session and pushed the GBP/USD pair to daily tops, around the 1.3375-80 region in the last hour.

Following the previous day's intraday pullback of around 65-70 pips, the pair managed to regain traction on Tuesday and was being supported by a combination of factors. As investors looked past Monday's upbeat US PMI prints, speculations for additional monetary policy easing by the Fed prompted some fresh selling around the US dollar. This, in turn, was seen as one of the key factors driving the GBP/USD pair higher. Read more...

GBP/USD

Overview
Today last price 1.3354
Today Daily Change 0.0036
Today Daily Change % 0.27
Today daily open 1.3318
 
Trends
Daily SMA20 1.3133
Daily SMA50 1.3008
Daily SMA100 1.299
Daily SMA200 1.2721
 
Levels
Previous Daily High 1.3398
Previous Daily Low 1.3264
Previous Weekly High 1.3312
Previous Weekly Low 1.3166
Previous Monthly High 1.3177
Previous Monthly Low 1.282
Daily Fibonacci 38.2% 1.3347
Daily Fibonacci 61.8% 1.3315
Daily Pivot Point S1 1.3255
Daily Pivot Point S2 1.3193
Daily Pivot Point S3 1.3122
Daily Pivot Point R1 1.3389
Daily Pivot Point R2 1.346
Daily Pivot Point R3 1.3522

 

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