Pound Sterling Price News and Forecast: GBP/USD gathers strength for a break towards 1.2600

FXStreet Team FXStreet

GBP/USD Forecast: Pound Sterling could correct lower before targeting new monthly high

GBP/USD took advantage of the broad US Dollar (USD) weakness on Monday and climbed to its highest level in a month above 1.2590. The pair faces next resistance at 1.2600 and the near-term technical outlook suggests that there could be a downward correction before the next leg higher.

The upbeat market mood at the beginning of the week doesn't allow the safe-haven USD to stay resilient against its main competitors, helping GBP/USD to stay afloat in positive territory. The UK's FTSE 100 Index rises 0.3% and US stock index futures gain between 0.1% and 0.3% in the European session. Read more ...

GBP/USD gathers strength for a break towards 1.2600, US CPI and UK Employment eyed

The GBP/USD pair has turned sideways around 1.2580 after an upside move in the early London session. The Cable is making efforts for resuming its upside journey and recapture the round-level resistance of 1.2600 as the US Dollar Index (DXY) has shown a corrective move after facing stiff barricades around the 103.70 resistance.

S&P500 futures have added more gains in the European session as the odds of a neutral interest rate policy stance by the Federal Reserve (Fed) are skyrocketing. Overall market sentiment is quite positive as a pause in the policy-tightening spell by Fed chair Jerome Powell is easing fears of a recession in the United States. A report from Goldman Sachs shows that the possibility of a recession in the US economy has been trimmed to 25% from prior chances of 35%. Read more ...

GBP/USD

Overview
Today last price	1.2568
Today Daily Change	-0.0012
Today Daily Change %	-0.10
Today daily open	1.258

Trends
Daily SMA20	1.2443
Daily SMA50	1.2469
Daily SMA100	1.2309
Daily SMA200	1.2016

Levels
Previous Daily High	1.259
Previous Daily Low	1.2534
Previous Weekly High	1.259
Previous Weekly Low	1.2369
Previous Monthly High	1.268
Previous Monthly Low	1.2308
Daily Fibonacci 38.2%	1.2569
Daily Fibonacci 61.8%	1.2556
Daily Pivot Point S1	1.2546
Daily Pivot Point S2	1.2512
Daily Pivot Point S3	1.249
Daily Pivot Point R1	1.2602
Daily Pivot Point R2	1.2624
Daily Pivot Point R3	1.2658

Author

FXStreet Team

FXStreet

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