GBP/USD Price Forecast: Holds steady above 1.3400, retains constructive tone above key support
The GBP/USD pair trades on a flat note near 1.3405 during the early European trading hours on Tuesday. Traders prefer to wait on the sidelines ahead of the key events later this week, including the US midterm elections, the Bank of England (BoE) interest rate decision and US September jobs data.
Silver (XAG/USD) experiences renewed selling pressure on Tuesday, reversing Monday's recovery gains and nearing its lowest level since November 2025. The metal trades just above the $49.00 mark, down 2.75% for the day. From a technical standpoint, XAG/USD remains below the 100-hour Exponential Moving Average (EMA) at $51.40, with the Moving Average Convergence Divergence (MACD) slipping into negative territory and the Relative Strength Index (RSI) hovering around 28, indicating oversold conditions.
Bearish traders may wait for a sustained break below the $49.00 level before placing fresh bets and positioning for further downtrend extension. If the metal recovers and clears the $50.00 psychological barrier, a short-covering rally could follow, potentially lifting XAG/USD beyond the $50.35 intermediate hurdle toward the $51.00 mark.
The 100-hour EMA at $51.40 acts as a key resistance level, and a reclaim would ease bearish pressure, opening the door to a more sustained recovery. Silver, a precious metal used as a store of value and hedge during inflation, is influenced by factors like geopolitical events, interest rates, USD strength, and industrial demand.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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