Pound Sterling Price News & Forecast: GBP/USD gains positive traction for the second straight day
Looking at the 4-hour chart, the pair settles above the 1.3520 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The recent swing low was formed at 1.3510, and the pair is now trading above the 38.2% Fib retracement level of the downward move from the 1.3657 swing high to the 1.3510 low.
The British Pound has showcased significant resilience over the past few sessions against the Greenback. After finding solid ground near the psychological 1.3500 handle, cable has embarked on a steady recovery, supported by a confluence of technical indicators across various timeframes.
GBP/USD stalls as US Dollar drivers dominate a quiet UK week
GBP/USD Technical Analysis: The British Pound shows significant resilience, breaking key structural resistance and reclaiming the 1.35000 support. The H4 chart suggests a bullish trend reversal.
GBPUSD managed to pass above the resistance of 1.3485 to meet the first target at 1.3580. As we see over the chart, the market is facing the first support zone at 1.3485, where if prices remain above it, more advance will be expected with resistances at 1.3580 and 1.3710-35.
The US Dollar pulled back across major pairs as a conditional US-Iran ceasefire reduced geopolitical tensions and safe-haven demand. DXY struggles below $99 while EUR/USD holds inside a bearish channel near $1.1690 and GBP/USD faces resistance at $1.358.
EUR/GBP: Political strains and BoE doubts – Commerzbank
The Pound to Australian Dollar (GBP/AUD) exchange rate traded in a volatile range last week as geopolitical tensions and central bank expectations drove mixed sentiment. Latest — Exchange Rates:Pound to Australian Dollar (GBP/AUD): 1.89237 (+0.24%)Pound to Dollar (GBP/USD): 1.35411 (+0.08%)Australian Dollar to Dollar (AUD/USD): 0.71556.
GBP/USD Price Forecast: Weakens below 1.3550, but maintains bullish bias above key averages
GBP/USD pulls back as risk-off mood drives Monday decline
GBP/USD recoils as Hormuz risks lift US Dollar and WTI