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 looks to stabilize near 1.1600 as focus shifts to US data

EUR/USD is looking to stabilize near 1.1600 in the European session on Wednesday as traders breathe a sigh of relief before the top-tier US ADP jobs and ISM Services PMI data. A pause in the US Dollar uptrend helps the pair's recovery, but surging energy prices due to the Iran war will likely remain a drag.

GBP/USD stays weak near 1.3350 as USD preserves gains

GBP/USD stays in the red below 1.3350 in the European session on Wednesday. Escalating conflict in the Middle East keeps the "flight to safety" theme intact, supporting the US Dollar against the Pound Sterling. Traders will take more cues from the US ADP Employment and ISM Services Purchasing Managers Index reports, which are due later on Wednesday.

Gold sticks to intraday gains above $5,150; upside seems limited amid bullish USD

Gold preserves its modest intraday gains through the Asian session on Wednesday and currently trades just above the $5,150 level, up around 1.30% for the day. Investors remain concerned about a prolonged conflict in the Middle East and its impact on the global economy amid an already uncertain environment.

Bitcoin, Ethereum and Ripple struggle for direction as consolidation persists

Bitcoin, Ethereum and Ripple prices trade with a cautious tone at the time of writing on Wednesday as upside momentum continues to fade across the broader crypto market. BTC remains within a parallel channel, ETH struggles below key resistance, while XRP remains fragile within a descending channel. These top three cryptocurrencies by market capitalization continue to struggle to establish a directional bias amid the consolidation phase.

Asian stocks fall as South Korea’s KOSPI slumps over 10%

Asian equities drop on Middle East tensions; the MSCI Asia Pacific Index falls up to 4%. South Korea’s KOSPI fell 10.71% near 5,170, with the Korean Won weakened past 1,500 per dollar.

Solana Price Forecast: SOL consolidation near resistance as ETF inflows offer mild support

Solana price is facing slight rejection as it approaches the upper boundary of the consolidation range at around $88 on Wednesday. Institutional demand is strengthening as spot Exchange Traded Funds recorded two consecutive inflows so far this week.