Pound Sterling Price News and Forecast: GBP/USD sterling selling opportunity

GBP/USD analysis: Books new high

The GBP/USD has passed the August high level zone and reached the 1.3800 level. During Tuesday’s early London trading hours, the rate had retraced back down and looked for support.

The pair could gain support from the 55 and 100-hour simple moving averages or the previously passed August high level zone. A resumed surge of the GBP/USD would have to pass the 1.3800 level before reaching the weekly R1 simple pivot point at 1.3826. Read more…

GBP/USD Forecast: Sterling selling opportunity? Fakeout, end-of-month jitters show bearish bias

Is sterling benefiting from fresh energy after the long weekend in the UK? Even if the answer that question is yes, this new surge could be short lived. Technicals are already pointing to a “fakeout.” Why does this upward move have its limits?

First, the main upside driver is dollar weakness – an extension of the selloff triggered by the central bank’s dovish stance on Friday. Federal Reserve Chair Jerome Powell refrained from committing to tapering the bond-buying scheme. Investors await Friday’s Nonfarm Payrolls for the next big move. Read more…

GBP/USD Price Analysis: Intraday positive move falters near 200-DMA/50% Fibo. confluence

The GBP/USD pair retreated around 30-35 pips from two-week tops and was last seen trading with only modest intraday gains, around the 1.3765-70 region.

A combination of factors continued weighing on the US dollar and assisted the GBP/USD pair to regain positive traction on Tuesday. However, the recent spike in new COVID-19 cases in the UK acted as a headwind for the British pound and capped gains for the major. Read more…