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The pound sterling has been waiting for the right moment for several days. The moment has come, and the sterling has headed to new highs.
At the start of the trading week, the pound sterling skyrocketed amid a weaker US dollar. The currency reached its peak on Tuesday. The pound sterling gained 0.3% to 1.3792, its highest level since August 17. On September 1, GBP/USD edged lower and is now hovering around 1.3750. At the same time, the price is making attempts to surge to new highs.
According to analysts, both the sterling and the euro are determined to set new records. From time to time, the pound skyrockets, though temporary. This time, the currency went up amid a weaker US dollar. The greenback tumbled after Jerome Powell's recent comments. As a reminder, the chair mentioned nothing about the actual date of tapering. He only said that the regulator might take action as early as this year. As a result, both the pound and the euro soared for a while.
ING strategists suggest that a half-empty macroeconomic calendar in the United Kingdom and a quiet Bank of England have a positive impact on the pound. The British currency is expected to be bullish until the end of the week.
Outlook for GBP
The current state of the pond is seen as silence before the storm. Experts assume that GBP still has downside potential and may reverse at any time. GBP/USD is considered bullish. Meanwhile, resistance and support levels are seen at 1.3740 and 1.3713 respectively.
In terms of technical analysis, the pound is trading in a strong mirror zone with a median at around 1.3800. According to ING, a breakout at this level is likely to occur if the greenback plunges. However, such a barrier is usually broken abruptly and unevenly. At the current moment, it is almost impossible.
During the course of this week, GBP/USD has repeatedly tested the upper border of the 1.4200–1.3600 range. The pound still remains in the range but it is just a matter of time. Analysts say that the GBP dynamic is like a compressed spring that will unfold at any moment.
Currency strategists say you should buy the pound despite prevailing bearish sentiment. If GBP/USD falls below 1.3680, the buy signal will be canceled. In case of a downward trend, targets are seen around 1.3680 and 1.3652.
The pair may reverse and rise if the quote breaks the mirror level of 1.3740. If so, the price may go up to 1.3783 and 1.3808. Many experts expect the pound to move to the upper border of the range. A calm fundamental background this week will provide support to the British currency. On Friday, September 3, the US labor market report is set for release. In this light, GBP is likely to be volatile. CFTC data logged a rise in GBP net-short positioning. Shorts reached the highest level since November 2020. At the same time, bets that the price of sterling would fall increased exponentially.
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