Pound Sterling Price News and Forecast: GBP/USD upside limited on hard-Brexit risks and broad based USD demand

FXStreet Team FXStreet

GBP/USD Price Analysis: Mildly bid above 1.2200 inside short-term triangle, UK Retail Sales eyed

GBP/USD extends recovery moves from 1.2185 while taking the bids near 1.2230, up 0.10% on a day, amid the early Friday trading. Looking at the Cable’s moves from late-Monday, a short-term falling triangle seems to appear on the hourly (H1) chart. That said, the quote presently confronts an intermediate resistance line, around 1.2235, following the bounce from the formation’s support.

Should the pullback cross 1.2235, 61.8% Fibonacci retracement level of May 12-17 fall near 1.2265 can offer extra resistance before fueling the pair towards the pattern’s upper line, at 1.2275 now.

GBP/USD upside limited on hard-Brexit risks and broad based USD demand

GBP/USD is trading at 1.2238 and flat on the day having travelled between a low of 1.2185 and a high of 1.2249. The bulls are out on force and supporting sterling from breaking below a critical support area in the bottom half of the 1.20 handle. This is despite a broadly stronger US dollar towards the end of the week.

One of the major drivers for the day is the spat between the US and China come back to the fore. China has warned that US measures and sanctions would result in counter-measures. The Global Times wrote

GBP/USD

Overview
Today last price	1.2228
Today Daily Change	0.0005
Today Daily Change %	0.04
Today daily open	1.2223

Trends
Daily SMA20	1.2344
Daily SMA50	1.2276
Daily SMA100	1.2632
Daily SMA200	1.2666

Levels
Previous Daily High	1.225
Previous Daily Low	1.2186
Previous Weekly High	1.2438
Previous Weekly Low	1.2102
Previous Monthly High	1.2648
Previous Monthly Low	1.2165
Daily Fibonacci 38.2%	1.221
Daily Fibonacci 61.8%	1.2225
Daily Pivot Point S1	1.2189
Daily Pivot Point S2	1.2156
Daily Pivot Point S3	1.2125
Daily Pivot Point R1	1.2253
Daily Pivot Point R2	1.2283
Daily Pivot Point R3	1.2317

Author

FXStreet Team

FXStreet

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Breaking: US and Israel attack Iran, risk aversion to sweep global markets

Early Saturday, United States (US) President Donald Trump announced that the US had begun “major combat operations” in Iran, following Israel’s pre-emptive missile attacks against Tehran.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.