Pound Sterling Price News and Forecast: GBP/USD awaits a sustained move above 1.2300

FXStreet Team FXStreet

GBP/USD outlook: Cable cracks pivotal 1.2300 resistance zone on strong UK labor data

GBPUSD cracked 1.2300 barrier in early European trading on Monday, boosted by better than expected US labor data (Sep wages rose above expectations and employment was significantly up in three months to Sep) which added to hawkish stance on BoE rate outlook.

Cable rises for the third straight day after a bear trap on Friday, with penetration and close within thick daily cloud, contributing to fresh bullish signals, though bulls face headwinds at pivotal 1.2300 resistance zone (round-figure / Fibo 38.2% of 1.2737/1.2037 bear-leg / Nov 11 high). Read more...

GBP/USD Forecast: Pound Sterling awaits a sustained move above 1.2300

GBP/USD is holding a three-day recovery in the European session on Tuesday after finding a positive impetus from the mixed UK employment data. The UK ILO Unemployment Rate held steady at 4.2% in the quarter to September. Additional details showed that the number of people claiming jobless benefits climbed by 17.8K in September when compared to the previous jump of 20.4K. Average Earnings excluding Bonus rose 7.7% 3M YoY in September, as against a 7.8% increase registered in August. Markets had expected an increase of 7.7%.

However, the further upside in the GBP/USD pair appears capped, as Pound Sterling traders turn cautious and refrain from placing fresh bets on the pair ahead of the all-important US Consumer Price Index (CPI) data due later in the day. Read more...

GBP/USD faces pressure near 1.2270 ahead of UK employment data

GBP/USD trades lower around 1.2270 during the Asian session on Tuesday, snapping a two-day winning streak. The GBP/USD pair faces minor pressure ahead of the employment data from the United Kingdom (UK) due to be released later in the day.

Bank of England (BoE) policymakers Huw Pill and Katherine Mann expressed concerns about the potential cumulative effect of higher interest rates in the ongoing battle against persistent inflation. Fearing a deepening recession, they are expected to endorse earlier rate cuts. Read more...

GBP/USD

Overview
Today last price	1.2299
Today Daily Change	0.0022
Today Daily Change %	0.18
Today daily open	1.2277

Trends
Daily SMA20	1.2205
Daily SMA50	1.2261
Daily SMA100	1.2518
Daily SMA200	1.2437

Levels
Previous Daily High	1.228
Previous Daily Low	1.2213
Previous Weekly High	1.2429
Previous Weekly Low	1.2187
Previous Monthly High	1.2337
Previous Monthly Low	1.2037
Daily Fibonacci 38.2%	1.2255
Daily Fibonacci 61.8%	1.2239
Daily Pivot Point S1	1.2233
Daily Pivot Point S2	1.219
Daily Pivot Point S3	1.2166
Daily Pivot Point R1	1.23
Daily Pivot Point R2	1.2324
Daily Pivot Point R3	1.2367

Author

FXStreet Team

FXStreet

EUR/USD: Gains remain capped by 1.1650

EUR/USD remains in recovery-mode following the closing bell in Euroland on Wednesday, hovering around the 1.1650 zone amid renewed downside pressure on the US Dollar and a marginal improvement in the global sentiment.

GBP/USD appears bid around 1.3370

GBP/USD reverses part of its recent multi-day decline, gathering some balance and managing to reach the 1.3400 region, where some initial resistance seems to have turned up. Cable’s uptick comes in response to some loss of momentum in the Greenback despite the geopolitical scenario remaining fragile.

Gold recovers modestly despite intensifying Middle East crisis

Gold keeps its daily gains well in place, although a break above the $5,200 mark per troy ounce still remains elusive on Wednesday. The yellow metal’s rebound comes in response to the persistent flight-to-safety amid intense geopolitical tensions in the Middle East and the bearish performance of the US Dollar.