Pound Sterling Price News and Forecast: GBP/USD – Brief results and immediate prospects

FXStreet Team FXStreet

GBP/USD Forecast: 1.2500 proves to be a tough resistance to crack

GBP/USD has edged slightly lower after having failed to clear 1.2500 for the third straight day on Friday. The near-term technical outlook doesn't yet point to a buildup of bearish momentum. In the second half of the day, risk perception and key macroeconomic data releases from the US could drive the pair's action.

Although the data from the US revealed on Thursday that the economy expanded at an annual rate of 1.1% in the first quarter, compared to the market expectation of 2%, the US Dollar (USD) stayed resilient against its rivals. The significant negative contribution of 2.26 percentage point of the change in private inventories to the GDP showed that the US economy has performed better than what the data suggests. Furthermore, the details of the report showed that consumer activity remained healthy despite strengthening price pressures in Q1. Read more ...

GBP/USD: Brief results and immediate prospects

Today, the dollar is strengthening throughout the currency market. This is partly due, in our opinion, to the fixation of a part of the many short positions on it at the end of the trading week and month. At the same time, the dollar's volatility may accelerate today ahead of the Fed's meeting next week.

Disputes of market participants mainly go around the prospects of its monetary policy. Economists are predicting a 25 basis point hike in the Fed's interest rate to 5.25%, before Fed officials pause because of the risks of increased pressure on the banking sector and the economy as a whole, to move towards monetary easing by the end of the year. Read more ...

GBP/USD Price Analysis: Gathers strength for a sustainable move above 1.2500

The GBP/USD pair is consolidating near the psychological resistance of 1.2500 in the Asian session. The Cable is gathering strength for a sustained breakout above 1.2500 after a few failed attempts. Rising expectations of more interest rate hikes from the Bank of England (BoE) to arrest double-digit stubborn inflation are fueling fresh blood into the Pound Sterling.

The US Dollar Index (DXY) has regained strength and has jumped above 101.70 as investors are shifting their focus toward the monetary policy decision by the Federal Reserve (Fed), which will be announced next week. Read more ...

GBP/USD

Overview
Today last price	1.2487
Today Daily Change	-0.0010
Today Daily Change %	-0.08
Today daily open	1.2497

Trends
Daily SMA20	1.2439
Daily SMA50	1.224
Daily SMA100	1.2209
Daily SMA200	1.1937

Levels
Previous Daily High	1.25
Previous Daily Low	1.2436
Previous Weekly High	1.2474
Previous Weekly Low	1.2354
Previous Monthly High	1.2424
Previous Monthly Low	1.1803
Daily Fibonacci 38.2%	1.2476
Daily Fibonacci 61.8%	1.2461
Daily Pivot Point S1	1.2456
Daily Pivot Point S2	1.2414
Daily Pivot Point S3	1.2392
Daily Pivot Point R1	1.2519
Daily Pivot Point R2	1.2541
Daily Pivot Point R3	1.2583

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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