• The GBP/USD is flat in a subdued session as investors prepare for the US inflation report.
  • Risk-sensitive currencies rise, while the greenback drops 0.13% against its peers.
  • GBP/USD Technical Outlook: Neutral biased unless GBP bulls reclaim the 200-DMA at 1.3700.

The British pound remains subdued on Wednesday during the New York session, so far up 0.02% in the day. At the time of writing, the GBP/USD is trading at 1.3539. Financial markets mood is positive, as European equity indices finished in the green. Across the pond, US equity indices led by the heavy tech Nasdaq Composite record gains between 0.74% and 1.47%.

In the FX complex, risk-sensitive currencies led by the antipodeans and the CAD rise, followed by the EUR and safe-haven peers. The greenback extends its losses during the day, with the US Dollar Index (DXY), a gauge of the buck’s value against a basket of six currencies, losses 0.13%, down at 95.51.

In the bond market, US Treasury yields recede from weekly highs. In the case of the 10-year T-note yield, it retraces after reaching 1.97%, a level last seen in 2019. The 10-year T-note is at 1.922% at press time, down three basis points in the session as market participants get ready for Thursday’s release of US inflation figures.

A light US economic docket left GBP/USD traders adrift to Fed speaking and market sentiment. At press time, Cleveland’s Fed President Loretta Mester (voter 2022) said that she “expects inflation will moderate but would remain above 2% this year and next.” Worth noting that Mester supports a rate increase in March, followed by future rate hikes, which the economy will guide.

GBP/USD Price Forecast: Technical outlook

The GBP/USD is neutral biased, regardless of trading above the 50 and the 100-day moving average (DMAs) lying at 1.3448 and 1.3505, each. However, the presence of the 200-DMA at 1.3702 keeps GBP/USD bears in charge unless a challenge to the abovementioned level is launched.

Upwards, the GBP/USD resistance levels would be the 1.3600 figure, followed by February’s three high at .13622, and then the five-month-old downslope trendline that passes near the 200-DMA at 1.3700.

Contrarily, the GBP/USD first support would be the 100-DMA at 1.3505. Breach of the latter would expose the 50-DMA at 1.3448 and then the 1.3400 figure.

GBP/USD

Overview
Today last price 1.3539
Today Daily Change -0.0012
Today Daily Change % -0.09
Today daily open 1.3551
 
Trends
Daily SMA20 1.3554
Daily SMA50 1.3446
Daily SMA100 1.3509
Daily SMA200 1.3708
 
Levels
Previous Daily High 1.3564
Previous Daily Low 1.3508
Previous Weekly High 1.3628
Previous Weekly Low 1.3387
Previous Monthly High 1.3749
Previous Monthly Low 1.3358
Daily Fibonacci 38.2% 1.3543
Daily Fibonacci 61.8% 1.3529
Daily Pivot Point S1 1.3518
Daily Pivot Point S2 1.3485
Daily Pivot Point S3 1.3462
Daily Pivot Point R1 1.3574
Daily Pivot Point R2 1.3597
Daily Pivot Point R3 1.363

 

 

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

GBP/USD rises above 1.3300 after UK Retail Sales data

GBP/USD rises above 1.3300 after UK Retail Sales data

GBP/USD trades with a positive bias for the third straight day on Friday and hovers above the 1.3300 mark in the European morning on Friday. The data from the UK showed that Retail Sales rose at a stronger pace than expected in August, supporting Pound Sterling.

GBP/USD News
USD/JPY keeps BoJ-led losses below 142.50, Ueda's presser eyed

USD/JPY keeps BoJ-led losses below 142.50, Ueda's presser eyed

USD/JPY remains in the red below 142.50 after the Bank of Japan announced on Friday that it maintained the short-term rate target in the range of 0.15%-0.25%, as widely expected. Governor Ueda's press conference is next in focus.  

USD/JPY News
Gold consolidates weekly gains, with sight on $2,600 and beyond

Gold consolidates weekly gains, with sight on $2,600 and beyond

Gold price is looking to build on the previous day’s rebound early Friday, consolidating weekly gains amid the overnight weakness in the US Dollar alongside the US Treasury bond yields. Traders now await the speeches from US Federal Reserve monetary policymakers for fresh hints on the central bank’s path forward on interest rates.

Gold News
Shiba Inu is poised for a rally as price action and on-chain metrics signal bullish momentum

Shiba Inu is poised for a rally as price action and on-chain metrics signal bullish momentum

Shiba Inu remains strong on Friday after breaking above a symmetrical triangle pattern on Thursday. This breakout signals bullish momentum, further bolstered by a rise in daily new transactions that suggests a potential rally in the coming days.

Read more
Bank of Japan set to keep rates on hold after July’s hike shocked markets

Bank of Japan set to keep rates on hold after July’s hike shocked markets

The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session. 

Read more
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

Forex MAJORS

Cryptocurrencies

Signatures