Pound Sterling Price News and Forecast: GBP/USD: Time for a meaningful downside correction? Covid and US GDP eyed

FXStreet Team FXStreet

GBP/USD Weekly Forecast: Time for a meaningful downside correction? Covid and US GDP eyed

GBP/USD has been rising amid speculation of a BOE rate hike and risk-on-related dollar weakness. UK covid headlines, US GDP and US politics are set to move markets ahead of Halloween. Late October's daily chart is painting a mixed picture. A rate hike in the UK? Speculation has been pushing the pound higher, and the topic will likely remain a major market mover for sterling ahead of Halloween. US growth figures stand out in a packed US economic calendar. Read more...

GBP/USD Forecast: Near-term support holds, fundamentals point to additional gains

GBP/USD has declined to the lower limit of the ascending channel. Retail Sales in the UK fell unexpectedly in September, PMIs improved in October. Dollar's uninspiring performance and fundamentals point to additional gains. The British pound has started the last day of the week on the back foot pressured by the disappointing Retail Sales data from the UK, which showed a contraction of 0.2% in September vs the market expectation for an increase of 0.5%. Nevertheless, the upbeat October PMI figures seem to be helping the GBP stay resilient against the dollar. Read more...

GBP/USD breaks below 1.3800 on mixed UK data, ahead Fed's Powell

GBP/USD broke below 1.3800 on weaker than expected UK Retail Sales. The market sentiment is positive, but the British pound failed to capitalize on its risk-sensitive status. Investors’ focus turns to the Fed Chairman Jerome Powell, who is on the wires. The GBP/USD slides for the second day in a row, down 0.18%, trading at 1.3768 during the New York session at the time of writing. Worse than expected, UK retail sales data pushed the pair towards the Thursday low at 1.3776 but bounced off, failing to break above the 1.3800 figure. Read more...

GBP/USD

Overview
Today last price	1.3758
Today Daily Change	-0.0034
Today Daily Change %	-0.25
Today daily open	1.3792

Trends
Daily SMA20	1.3641
Daily SMA50	1.3714
Daily SMA100	1.3805
Daily SMA200	1.3849

Levels
Previous Daily High	1.3833
Previous Daily Low	1.3776
Previous Weekly High	1.3773
Previous Weekly Low	1.3568
Previous Monthly High	1.3913
Previous Monthly Low	1.3412
Daily Fibonacci 38.2%	1.3798
Daily Fibonacci 61.8%	1.3811
Daily Pivot Point S1	1.3768
Daily Pivot Point S2	1.3744
Daily Pivot Point S3	1.3711
Daily Pivot Point R1	1.3825
Daily Pivot Point R2	1.3857
Daily Pivot Point R3	1.3881

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FXStreet Team

FXStreet

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