Pound Sterling is under increasing bearish pressure with 1.2500 support in play

FXStreet Team FXStreet

GBP/USD Price Analysis: Pound is under increasing bearish pressure with 1.2500 support in play

The Sterling keeps trading within a bearish channel from early March lows and seems ready to test an important support area at 1.2500. Wednesday’s long negative candle reflects an impulsive bearish move and gives sellers hope to explore fresh year-to-date lows. Read More...

Pound Sterling sees more downside as Fed rate cut hopes wane

The Pound Sterling (GBP) remains vulnerable against the US Dollar in Thursday’s early American session after an intense sell-off that dragged the Cable to a two-month low near 1.2520. The near-term appeal of the GBP/USD pair has weakened as the US Dollar strengthens after traders dialled back bets supporting rate cuts by the Fed in the June and July policy meetings. Read More...

GBP/USD remains under selling pressure below 1.2550, US PPI data looms

The GBP/USD pair remains under selling pressure near 1.2540 after bouncing off the 2024 low of 1.2520. The sell-off in the major pair is driven by the firmer US Dollar (USD) after the upside surprises in US Consumer Price Index (CPI) data in March. Investors await the US March Producer Price Index (PPI) and weekly Initial Jobless Claims on Thursday ahead of the UK monthly Gross Domestic Product (GDP) numbers later this week. Read More...

GBP/USD

Overview
Today last price	1.2547
Today Daily Change	0.0007
Today Daily Change %	0.06
Today daily open	1.254

Trends
Daily SMA20	1.2654
Daily SMA50	1.2663
Daily SMA100	1.267
Daily SMA200	1.2587

Levels
Previous Daily High	1.2708
Previous Daily Low	1.252
Previous Weekly High	1.2684
Previous Weekly Low	1.2539
Previous Monthly High	1.2894
Previous Monthly Low	1.2575
Daily Fibonacci 38.2%	1.2592
Daily Fibonacci 61.8%	1.2637
Daily Pivot Point S1	1.2471
Daily Pivot Point S2	1.2402
Daily Pivot Point S3	1.2283
Daily Pivot Point R1	1.2659
Daily Pivot Point R2	1.2778
Daily Pivot Point R3	1.2847

Author

FXStreet Team

FXStreet

EUR/USD meets initial support around 1.1800

EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

RBNZ set to pause interest-rate easing cycle as new Governor Breman faces firm inflation

The Reserve Bank of New Zealand remains on track to maintain the Official Cash Rate at 2.25% after concluding its first monetary policy meeting of this year on Wednesday.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.