GBPUSD fell below the support trend of 1.3200 which could lead to another drop. As we see from the daily chart, if prices remain below 1.3200-30, more of a drop will be expected with support at 1.3010 leading to a rebound.
GBPUSD continues to fall The pound remained in a bearish rally as price action continued to collapse. On the chart, the pair is still pushing for support towards the multi-month low of 1.3150.
Pound Sterling Price News and Forecast: GBP/USD may retest support near 1.3150
GBP/USD Price Forecast: Holds gains near 1.3200 despite persistent bearish bias
Looking at the 4-hour chart, the pair traded below a bullish trend line with support at 1.3290. It settled below the 1.3300 zone, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour).
GBPUSD currency pair recently broke below the strong support level 1.3220 (which has been reversing the price from November of last year, as can be seen below).
The US dollar rallied to an 11-month high, supported by geopolitical tensions and shifting rate expectations. However, price action across major FX pairs is becoming less convincing, with several markets stalling at key levels.
The Pound US Dollar (GBP/USD) exchange rate touched a two-week low on Monday as escalating tensions in the Middle East fuelled risk aversion. Latest — Exchange Rates:Pound to Dollar (GBP/USD): 1.31923 (-0.35%)Euro to Dollar (EUR/USD): 1.14545 (-0.33%)Dollar to Japanese Yen (USD/JPY): 159.4775 (-0.47%) DAILY RECAP: The US Dollar.
GBP/USD dives to 1.3180 as Middle East tensions lift the US Dollar
On the hourly chart of GBP/USD at FXOpen, the pair failed to stay above the 1.3450 pivot level. As a result, the British Pound started a fresh decline below 1.3400 against the US Dollar.
The Pound Canadian Dollar (GBP/CAD) exchange rate hit a one-month high last week, as markets bet on monetary policy divergence between the British and Canadian central banks. Latest — Exchange Rates:Pound to Canadian Dollar (GBP/CAD): 1.84251 Euro to Canadian Dollar (EUR/CAD): 1.59903Dollar to Canadian Dollar (USD/CAD): 1.38951 WEEKLY.
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