Pound Sterling Price News and Forecast: GBP/USD bearish outlook worsens, signals discouraging [Video]

FXStreet Team FXStreet

Daily technical and trading outlook – GBP/USD

GBP/USD - 1.2155.. Cable initially penetrated Fri's 1.2302 low to 1.2263 in Asia n despite staging a recovery to 1.2300, price tumbled after downbeat UK GDP n intra-day decline accelerated in NY to a 2-year trough of 1.2108 in NY.

On the bigger picture, despite cable's brief break of 2016 post-Brexit low of 1.1491 to a near 35-year trough of 1.1412 in mid-Mar 2020 on safe-haven USD's demand following free fall in global stocks, price rallied to 1.3686 on the last trading day of 2020 following a last-minute EU-UK trade deal, then to a near 34-month 1.4241 peak in Feb suggests a major low is made. Despite hitting a 3-year peak of 1.4250 in Jun 2021, subsequent selloff to a 23-month 1.2156 low in mid-May may confirms long-awaited correction has occurred. Read more ...

GBP/USD bearish outlook worsens, signals discouraging [Video]

GBPUSD switched to a recovery mode on Monday following last week’s brutal sell-off, which worsened the broad outlook and squeezed the price to a new two-year low of 1.2100. The previous low of 1.2154 is currently limiting upside pressures as the momentum indicators provide little hope for a meaningful rally. Explaining that, the slight upturn in the RSI is not convincing yet since the indicator remains well dipped in the bearish area, while the negative slope in the Stochastics suggests that the bears have more fuel in the tank. Read more ...

GBP/USD surrenders modest intraday gains, hangs near two-year low just above 1.2100 mark

The GBP/USD pair surrendered modest intraday recovery gains and dropped to the lower boundary of its daily trading range during the first half of the European session. The pair was last seen hovering around the 1.2115-1.2110 area, just a few pips above a two-year low touched the previous day.

The early optimistic move in the equity markets fizzled out rather quickly amid concerns that a more aggressive move by major central banks to curb inflation would pose challenges to the global economy. This assisted the safe-haven US dollar to trim a part of its intraday losses, which, in turn, was seen as a key factor that attracted fresh selling around the GBP/USD pair. Read more ...

GBP/USD

Overview
Today last price	1.2087
Today Daily Change	-0.0049
Today Daily Change %	-0.40
Today daily open	1.2136

Trends
Daily SMA20	1.2506
Daily SMA50	1.263
Daily SMA100	1.2985
Daily SMA200	1.3262

Levels
Previous Daily High	1.2322
Previous Daily Low	1.2108
Previous Weekly High	1.2599
Previous Weekly Low	1.2301
Previous Monthly High	1.2667
Previous Monthly Low	1.2155
Daily Fibonacci 38.2%	1.219
Daily Fibonacci 61.8%	1.224
Daily Pivot Point S1	1.2055
Daily Pivot Point S2	1.1974
Daily Pivot Point S3	1.184
Daily Pivot Point R1	1.227
Daily Pivot Point R2	1.2404
Daily Pivot Point R3	1.2485

Author

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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