Pound Sterling Price News and Forecast: GBP/USD trims some Wednesday’s losses, clings to 1.3450


GBP/USD trims some Wednesday’s losses, clings to 1.3450

Sterling trades up during the day, despite downbeat market sentiment. UK’s economy expanded 5.5% in the third quarter. US Initial Jobless Claims rose to 362K, thus hurting the US Dollar. The GBP/USD is rising for the first day out of three, trading at 1.3466, advancing 0.29% in the day at the time of writing. Read more...

GBP/USD

Overview
Today last price 1.3477
Today Daily Change 0.0049
Today Daily Change % 0.36
Today daily open 1.3428
 
Trends
Daily SMA20 1.3741
Daily SMA50 1.3781
Daily SMA100 1.3884
Daily SMA200 1.3844
 
Levels
Previous Daily High 1.3555
Previous Daily Low 1.3412
Previous Weekly High 1.3752
Previous Weekly Low 1.361
Previous Monthly High 1.3958
Previous Monthly Low 1.3602
Daily Fibonacci 38.2% 1.3466
Daily Fibonacci 61.8% 1.35
Daily Pivot Point S1 1.3375
Daily Pivot Point S2 1.3322
Daily Pivot Point S3 1.3232
Daily Pivot Point R1 1.3518
Daily Pivot Point R2 1.3608
Daily Pivot Point R3 1.3661

 

Sterling remains pressured even as GDP bounces

UK GDP revised sharply higher in the final reading. The quarterly growth rate was boosted to 5.5% from 4.8% previously, which left the annual rate at 23.6% y/y. The annual comparison is of course distorted by virus developments, but nevertheless the numbers look positive, and while the breakdown showed that government consumption accounted for a part of the revision, the external balance also looked more healthy, with exports rising 6.2% q/q and imports a mere 2.4% q/q. Read more...

GBP/USD Forecast: Is the recovery over? Massive dollar strength and a trio of UK issues point down

GBP/USD has been struggling to recover from Wednesday's sharp fall. Taper-related dollar strength will likely continue as Fed Chair Powell speaks again. Brexit, the end of the furlough scheme and petroal shortages are set to weigh on sterling. Thursday's four-hour chart is showing cable is outside oversold territory. Is the pound an emerging market currency? Sterling's 300+-pip collapse raised the unflattering comparison, and several reasons suggest more falls could come. Read more...

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