Michael Boutros, FOREX.com Senior Market Analyst, examines the British pound outlook as GBP/USD approaches a major resistance zone following three consecutive weeks of gains. He highlights key technical levels that could determine whether the broader uptrend resumes, while explaining why upcoming U.S. Non-Farm Payrolls and inflation data may prove decisive for the next move in the dollar and sterling.
Our last projection for GBPUSD still stands as the pair held above the support of 1.3280. GBPUSD managed to hold above the support of 1.3280 to rebound towards 1.3500 so far.
Oil prices are easing on Thursday, snapping a two-day winning streak, as the ceasefire agreement between Israel and Lebanon raises hopes that a broader deal to end the conflict in the Middle East could eventually be reached.
Pound Sterling Price News and Forecast: GBP/USD reverses a part of the overnight losses
The ongoing US-Iran ceasefire and gradual normalization of oil flows supported improved risk appetite. DXY showed bullish continuation in its ascending channel while EUR/USD tested key support and GBP/USD defended rising channel floor.
The US dollar is somewhat sideways in the early part of the Wednesday session, as the markets are starting to focus on the jobs report at the end of the week.
Our last projection for GBPUSD still stands as the pair held above the support of 1.3280. GBPUSD managed to hold above the support of 1.3280 to rebound towards 1.3500 so far.
As the US-Iran truce remains intact beyond eight weeks, the US Dollar firmed with DXY at $99.29. EUR/USD defended $1.1649 support while GBP/USD advanced to $1.3475 with buyer interest.
British Pound: Range trading with soft tone against US Dollar – UOB
Pound Sterling Price News & Forecast: GBP/USD stays calm amid safe-haven support
The Pound to Dollar (GBP/USD) exchange rate traded with a modestly positive bias on Tuesday as improving Middle East peace hopes reduced demand for the safe-haven US Dollar. At the time of writing, GBP/USD was trading around $1.3476, up almost 0.2% on the day.
Pound Sterling Price News & Forecast: GBP/USD gains as softer Oil offsets resilient US jobs data