• 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 resumes upside toward 1.3300 ahead of BoE rate call

GBP/USD resumes upside toward 1.3300 ahead of BoE rate call

The GBP/USD gains traction and approaches 1.3300 in European trading on Thursday, having found buyers near 1.3150. A broad US Dollar pullback and a rebound in risk sentiment offer support to the pair ahead of the BoE policy announcements. 

GBP/USD News
EUR/USD rises further toward 1.1200, focus shifts to ECB-speak

EUR/USD rises further toward 1.1200, focus shifts to ECB-speak

EUR/USD stays strongly bid toward 1.1200 in the European session on Thursday. The pair capitalizes on a renewed US Dollar retreat and an upbeat mood. Traders digest the Fed's dovish outlook, bracing for ECB-speak for fresh trading incentives. US data are also eyed. 

EUR/USD News
Gold hovers close to new high of $2,600 after Fed meeting

Gold hovers close to new high of $2,600 after Fed meeting

Gold (XAU/USD) edges higher and trades back in the $2,580s on Thursday after falling to the $2,540s following the US Federal Reserve (Fed) decision on interest rates the prior day.

Gold News
BoE expected to keep interest rate unchanged at 5% as price pressures persist

BoE expected to keep interest rate unchanged at 5% as price pressures persist

After a close call in August, the Bank of England’s September interest rate decision is keenly awaited for fresh cues on the bank’s future policy action and the pace of its bond sales.

Read more
Bitcoin surges to $62,000 mark after 50 bps Fed rate cut

Bitcoin surges to $62,000 mark after 50 bps Fed rate cut

Bitcoin and Ripple eye for a rally as they break and find support around their resistance barrier. Meanwhile, Ethereum demonstrates signs of recovery as it approaches a critical resistance level, indicating that an upward rally could be on the horizon if it successfully breaks through.

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