Pound Sterling Price News and Forecast: GBP turns vulnerable as investors worry about economic outlook

FXStreet Team FXStreet

GBP/USD Outlook: Lack of buying favours bearish traders close to key 200-day SMA

The GBP/USD pair struggles to capitalize on the overnight bounce from the vicinity of a technically significant 200-day Simple Moving Average (SMA) and oscillates in a narrow range on Thursday. Spot prices remain below the 1.2500 psychological mark through the early part of the European session and well within the striking distance of over a three-month trough touched on Wednesday.

The British Pound (GBP) continues with its relative underperformance in the wake of diminishing odds for a more aggressive policy tightening by the Bank of England (BoE), which is seen acting as a headwind for the GBP/USD pair. Read more...

Pound Sterling turns vulnerable as investors worry about economic outlook

The Pound Sterling (GBP) trades back and forth as investors await the UK CPI data for August, which will set an undertone for the Bank of England’s (BoE) September monetary policy decision. The GBP/USD pair consolidates as investors hope that a hawkish interest rate decision from the BoE will scrap its policy divergence with the Federal Reserve (Fed).

The UK economy is facing varied troubles due to BoE’s restrictive interest rate policy stance such as severely strong wage growth, and a labor market in which demand has started easing. The British economic outlook has turned vulnerable as the overall output is shrinking due to a deteriorating demand environment. Read more...

GBP/USD oscillates in a narrow range around 1.2490, US data eyed

The GBP/USD pair consolidates in a narrow range around 1.2490 during the early Asian session on Wednesday. The major pair remains capped by the 1.2500 barrier ahead of the US economic data released.

Tuesday's data indicated a bigger rise in the unemployment rate than anticipated, but the BoE remains concerned that wage growth will sustain persistent inflation. The UK’s Office for National Statistics revealed that the UK Unemployment Rate in the three months to July came in at 4.3% from 4.2% in the previous reading, Meanwhile, Employment Change for July declined by 207K from a 66K drop in the previous reading, worse than the estimated 185K drop. Read more...

GBP/USD

Overview
Today last price	1.2474
Today Daily Change	-0.0016
Today Daily Change %	-0.13
Today daily open	1.249

Trends
Daily SMA20	1.2612
Daily SMA50	1.2749
Daily SMA100	1.2656
Daily SMA200	1.2431

Levels
Previous Daily High	1.2512
Previous Daily Low	1.2435
Previous Weekly High	1.2643
Previous Weekly Low	1.2446
Previous Monthly High	1.2841
Previous Monthly Low	1.2548
Daily Fibonacci 38.2%	1.2464
Daily Fibonacci 61.8%	1.2482
Daily Pivot Point S1	1.2446
Daily Pivot Point S2	1.2402
Daily Pivot Point S3	1.2369
Daily Pivot Point R1	1.2523
Daily Pivot Point R2	1.2556
Daily Pivot Point R3	1.26

Author

FXStreet Team

FXStreet

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