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.

GBP/USD dips below 1.3350 with bullish momentum losing steam

The British Pound ticks lower against the US Dollar Monday, attempting to close a seven-day rally, as tensions rise again in the Strait of Hormuz, one of the critical points in the peace process between Washington and Tehran. The GBP/USD pair trades near 1.3340 at the time of writing, down from 1.3387 highs last week, although it maintains a near-term bullish trend intact.

EUR/USD drops toward 1.1400 as US Dollar rebounds

EUR/USD pair trades marginally lower, heading toward 1.1400 in the European session on Monday. The pair faces slight selling pressure as the US Dollar gains ground after a negative weekly close. Middle East concerns and the USD/JPY rally support the Greenback.

Gold sticks to modest losses amid Hormuz risks; lacks bearish conviction

Gold shows some resilience below the $4,150 level, and for now seems to have stalled its intraday retracement slide from a two-week high, levels just above the $4,200 mark, touched earlier this Monday. The commodity, however, retains its negative bias heading into the European session, seems to have snapped a three-day winning streak.

Dogecoin recovery stalls amid early signs of whale support

Dogecoin (DOGE) price nears $0.0770, maintaining a broadly consolidative tone for the last three days after Friday’s 4% rebound. The first-ever meme coin is losing retail interest as DOGE derivatives volume drops, while on-chain data shows early signs that large-wallet investors, commonly referred to as whales, are expanding their holdings.

Week ahead – ISM services PMI and Fed Minutes to shake Fed hike bets

The US dollar is finishing the week on the back foot against most of its major counterparts this week, losing the most ground against the kiwi, the franc and the pound. Despite the pullback, investors remained adamant in their view that the Fed may have to press the rate hike button before the turn of the year.

Kevin Warsh offers no policy clues: Why markets still got their answer

Financial markets came to Sintra looking for clues about the Federal Reserve's (Fed) next move. They largely left with confirmation that Fed Chair Kevin Warsh intends to make those clues much harder to find.