GBP/USD Price Forecast: Bulls need 1.3560 to unlock 1.3600
The Pound Sterling (GBP) edges higher by some 0.29% against the US Dollar (USD) on Friday, yet it remains trading sideways, unable to decisively crack 1.3500 after reaching a three-week peak of 1.3509, and has retreated to the 1.3490 area.
On Friday, the Pound Sterling (GBP) edged higher by around 0.29% against the US Dollar (USD) but remains relatively stagnant, failing to decisively surpass the 1.3500 mark after hitting a three-week high of 1.3509. Trading within a consolidating pattern, GBP/USD shows a slight tilt towards the upside after surpassing the 200-day Simple Moving Average (SMA) at 1.3406.
Analysts suggest that the uptrend could resume if buyers reclaim the July 15 swing high at 1.3558, unlocking a path towards testing the 1.3600 level. Should GBP/USD stay below 1.3500, a potential pullback toward August's 3-day low of 1.3417 is expected. A breach of this level would expose the convergence of the 100- and 200-day SMAs at 1.3406/05, followed by the 50-day SMA at 1.3365.
GBP/USD has shown strength compared to other major currencies, particularly the Swiss Franc, in the week's trading. The greenback has gained ground as investors remain cautious due to pending US data releases and the Jackson Hole event. Meanwhile, EUR/USD has retreated to the 1.1660 region following a slight decline on Wall Street, reflecting the cautious market sentiment amid upcoming US data releases and Chair Jerome Powell's speech at the Jackson Hole symposium.
Gold has slightly retreated from its recent gains, but remains firmly above $4,600 per troy ounce, buoyed by a greenback rally and a modest dip in US Treasury yields.
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