Pound Sterling Price News and Forecast: GBPUSD is steadily oscillating above 1.2400
|GBP/USD stabilizes above 1.2400 as USD index extends correction, US PCE in focus
GBP/USD is steadily oscillating above 1.2400 after a recovery move as USD Index has corrected to near 101.40. Upbeat US GDP and forward demand for Durable Goods have trimmed recession fears. UK FM Jeremy Hunt cited that tough decision taken by the administration in the autumn budget created a base for declining inflation.
Pound hits ceiling
The British Pound is testing the $1.2400 level this week, above which it failed to consolidate in the middle of last month. The GBPUSD has yet to trade consistently higher since last June. Looking at the entire rally from September's historic lows at 1.0327, the retreat from December's highs to 1.19 is a fairly common Fibonacci retracement to the 76.4% area of the original move, though not the classic 61.8%.
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