GBP/USD Price Forecast: Advancing 20-day EMA supports upside towards 1.3700
The GBP/USD pair trades 0.18% higher around 1.3620 during the European trading session on Thursday. The Cable reflects strength as the US Dollar (USD) faces selling pressure amid the optimism that the United States (US) and Iran will reach a peace deal soon.
As of writing, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, is down 0.1% to near 97.90. Market sentiment is risk-on, following reports from Al-Hadath, sister channel to Al Arabiya, that intense communications between the US and Iran are ongoing to gradually reopen the Strait of Hormuz, a vital passage to almost 20% of global energy supply. S&P 500 futures are marginally higher at around 7,370, indicating a higher appetite for riskier assets. Read more…
Pound reaches fresh highs as the US Dollar weakens
GBP/USD climbed to 1.3599 on Thursday, with sterling testing its highest levels since mid-February during the previous session. The pound continues to gain support from weakening demand for the US dollar as a safe-haven asset amid growing optimism surrounding a possible agreement between the US and Iran.
According to Axios, the White House is close to signing a framework memorandum with Iran that could pave the way for ending the conflict and launching nuclear negotiations. Tehran’s response is expected within the next 48 hours, although a final agreement has yet to be secured. Read more…
GBP/USD hovers at 11‑week high near 1.3600
GBP/USD is holding near an 11‑week high around the 1.3600 psychological level, with the rebound from the medium‑term ascending trendline beginning to stall. Momentum indicators reflect growing hesitation, though they remain in positive territory.
On the upside, resistance is seen at the weekly highs near 1.3645, tracking February peaks, followed by the 71.8% Fibonacci retracement of the January 27-March 31 pullback at 1.3715. Beyond this, 1.3850 and the four‑year and ytd high near 1.3985 come into view. Read more…
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