The Latest on GBP/USD Trading
- GBP/USD trades in a narrow band above 1.2950 in the European morning on Monday.
- The 100-day SMA aligns as a pivot level at 1.2970.
- The near-term technical outlook shows that sellers hesitate to bet on an extended decline.
After reaching towards 1.3000 on Friday, GBP/USD faced a slight decline and closed the day slightly lower. Currently, the pair is trading quietly and moving sideways above 1.2950 in the European morning on Monday.
British Pound Price Last 7 Days
The table below indicates the percentage change of the British Pound (GBP) against major currencies over the last 7 days, showing that the GBP was weakest against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF |
|---|
The heatmap visually represents the percentage changes of major currencies against each other, providing insights into currency movements.
Despite the positive market sentiment supporting GBP/USD during European trading hours on Friday, the rise in US Treasury bond yields boosted the US Dollar, leading to a reversal in the pair’s direction.
Looking ahead, the absence of significant macroeconomic data releases and fundamental drivers may cause GBP/USD to respond to changes in risk perception on Monday. The rise in US stock index futures indicates potential market optimism, which could impact the USD’s performance.
Upcoming events include the UK government’s Autumn Budget presentation and key data releases in the US, such as the GDP growth estimate for the third quarter, PCE Price Index figures for September, and labor market data for October.
GBP/USD Technical Analysis
The Relative Strength Index (RSI) on the 4-hour chart suggests a weakening bearish momentum, with the 100-day Simple Moving Average (SMA) acting as immediate resistance at 1.2970. A daily close above this level could attract technical buyers, potentially pushing the pair towards 1.3010 and 1.3060 as next resistance levels.
On the downside, support levels are identified at 1.2900-1.2890 and 1.2800.
Pound Sterling FAQs
Here are some frequently asked questions about the Pound Sterling:
- What is the Pound Sterling?
- What influences the value of the Pound Sterling?
- How do economic indicators affect the Pound Sterling?
- Why is the Trade Balance important for the Pound Sterling?
Analysis
The rewritten article provides a comprehensive overview of the GBP/USD trading scenario, including technical analysis and upcoming market events. It highlights the impact of US Treasury bond yields on the pair’s movement and discusses potential influences on GBP/USD in the coming days.
Additionally, the article includes a detailed breakdown of the Pound Sterling’s performance against major currencies over the last week and offers insights into key factors affecting the GBP’s value. The Pound Sterling FAQs section further enhances readers’ understanding of the currency and its relationship with economic indicators and trade balance.
Overall, the article caters to both novice and experienced traders, providing valuable information on market trends and essential concepts in the world of finance.