Pound Sterling Price News and Forecast: GBP/USD retreat from the highest level in a month

FXStreet Team FXStreet

GBP/USD Price Analysis: Cable buyers run out of steam below 1.2600, UK employment, US inflation eyed

GBP/USD holds lower ground near the intraday bottom as it prints the first daily loss in four amid early Monday in Europe, mildly offered near 1.2570 at the latest. That said, the Cable pair rose in the last two consecutive weeks amid a broad US Dollar fall but concerns about the UK’s economic health and the market’s positioning for this week’s key data/events weigh on the Pound Sterling pair of late.

Also read: GBP/USD holds steady near multi-week top as traders await this week's key data/event risks

Technically, a horizontal area comprising multiple levels marked since late April, around 1.2580-85, joins the overbought RSI (14) line to favor the latest weakness in the Cable pair. Adding strength to the downside bias is the looming bear cross on the MACD indicator. Read more...

GBP/USD holds steady near multi-week top as traders await this week's key data/event risks

The GBP/USD pair kicks off the new week on a subdued note and consolidates its recent gains to a one-month high touched on Friday. Spot prices trade around the 1.2575-1.2580 region, nearly unchanged for the day through the Asian session as traders await this week's important macro data and the key central bank event risk before placing fresh directional bets.

In the meantime, expectations for more interest rate hikes by the Bank of England (BoE) act as a tailwind for the British Pound and continue to lend support to the GBP/USD pair. In fact, the markets seem convinced that the BoE will be far more aggressive in policy tightening to contain stubbornly high inflation and anticipate another 25 bps lift-off on June 22. The US Dollar, on the other hand, holds just above the monthly low touched last Thursday in the wake of the uncertainty over the Federal Reserve's (Fed) rate hike path. Read more...

GBP/USD

Overview
Today last price	1.2569
Today Daily Change	-0.0011
Today Daily Change %	-0.09
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

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FXStreet Team

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