GBPUSD managed to move above 1.3435 which could lead to a further advance. As we see over the Intraday chart, the market is now testing a resistance trend around 1.3450-80 which could push for a drop as below 1.3400, more of a drop toward 1.3250-70 will be expected.
GBP/USD rose to 1.3450 on Wednesday. Expectations of de-escalation in the Middle East supported the pound, as lower oil prices reduced inflationary risks for the British economy, which is heavily dependent on energy imports.
Pound Sterling Price News and Forecast: GBP/USD regains positive traction after an overnight pullback
The Pound to Dollar exchange rate moved higher on Tuesday as easing tensions in the Middle East improved market sentiment and reduced demand for the safe-haven US currency. Latest — Exchange Rates:Pound to Dollar (GBP/USD): 1.34704 (+0.35%)Euro to Dollar (EUR/USD): 1.16589 (+0.37%)Dollar to Japanese Yen (USD/JPY): 157.4805.
The Pound to Australian Dollar exchange rate edged lower midweek as upbeat Australian consumer confidence and improving risk appetite helped support the ‘Aussie'. Latest — Exchange Rates:Pound to Australian Dollar (GBP/AUD): 1.88051 (-0.99%)Pound to Dollar (GBP/USD): 1.34704 (+0.35%)Australian Dollar to Dollar (AUD/USD): 0.71632.
This content was created by an affiliate of Forex.com and represents the views and opinions of the author/speakers, not the views and opinions of Forex.com, StoneX Group Inc., or its subsidiaries. The content has not been independently reviewed by Forex.com.
GBP/USD advances past 1.3450 on soft USD despite Mid-East tensions
Pound Sterling Price News and Forecast: GBP/USD escapes bearish trap but yet to turn bullish
EUR/GBP: Slow creep higher risk – Rabobank
The Pound to Euro (GBP/EUR) exchange rate has been notably resilient during March and briefly hit 6-week highs at 1.1580 before a limited retreat to trade just below the 1.1550 level with markets focussing on Middle East developments. Credit Agricole considers that the Euro is now significantly undervalued and recommends buying GBP/EUR.
US Dollar Index trades near 99 ahead of CPI data as Middle East tensions lift safe-haven demand. Can GBP/USD and EUR/USD sustain recovery?
GBPUSD is still holding below the resistance trend around 1.3380-1.3435. As long as the market holds below it, the drop pressure could continue toward 1.3000.