Pound Sterling Price News and Forecast: GBP/USD advances as the US Dollar Index retreats
The Pound New Zealand Dollar (GBP/NZD) exchange rate wavered on Thursday amid a lack of fresh economic data and geopolitical uncertainty. Latest — Exchange Rates:Pound to New Zealand Dollar (GBP/NZD): 2.27696 (+0.3%)Euro to New Zealand Dollar (EUR/NZD): 1.96521 (+0.37%)New Zealand Dollar to Dollar (NZD/USD): 0.58582 (-0.63%) DAILY.
Pound Sterling Price News and Forecast: GBP/USD falls as Middle East war continues to escalate
The Pound to Dollar (GBP/USD) exchange rate was subjected to sharp selling as the US and Israel launched attacks on Iran with the pair sliding to 3-month lows close to 1.3250. Risk appetite deteriorated sharply which hurt the Pound and the dollar also secured defensive demand.
GBP/USD Price Analysis: Pound falls as Middle East war continues to escalate
GBP/USD remains pinned just above a key structural support zone following an extended decline from late-January highs. Despite multiple attempts by sellers to force a confirmed break, price has yet to secure a decisive daily close below this floor.
GBP/USD has found support in early trade around the 1.3360 handle. A stellar rally from the Monday lows ran into resistance provided by the 100-day MA at 1.3437 as risk off sentiment returned and the US Dollar strengthened.
The US dollar continues to threaten other currencies on Thursday, as we look very much like a market that is focusing on risk aversion more than anything else.
There is a medium-term descending price channel which continues to hold the price lower, but the price action within this is so choppy that it is hard to trade.
The GBP/USD is stalled at a critical 1.3437 resistance level as the US Dollar gains strength from global conflict safe-haven flows and rising inflation fears. US rate cut expectations are falling sharply, supporting a continued bullish outlook for the USD and keeping the pressure on Cable
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The pair managed to retreat from the resistance 1.3480 as the target is still towards the support of 1.3250-70. Below 1.3250 more of a drop could be available with support at 1.3000.