Pound Sterling Price News and Forecast: GBP/USD bullish potential limited, with UK inflation, Ukraine in spotlight

FXStreet Team FXStreet

GBP/USD Weekly Forecast: Bullish potential limited, with UK inflation, Ukraine in spotlight

Optimism over a probable truce between Russia and Ukraine offered a sigh of relief to risk-sensitive currencies such as the British pound. GBP/USD staged an impressive comeback, as the US dollar failed to capitalize on the hawkish Federal Reserve (Fed) outlook. Cable booked the first weekly gain in four, despite a cautious Bank of England (BOE) rate hike. Attention turns towards the next week’s UK inflation data and US Durable Goods data while geopolitical developments concerning eastern Europe will be closely followed as well. Read more...

GBP/USD Forecast: Pound recovers modestly, 1.3100 still under threat

GBP/USD has staged a recovery after dipping below 1.3100 on Thursday but has lost its momentum early Friday. The negative shift witnessed in risk mood could continue to weigh on the pair ahead of the weekend and drag it toward 1.3100 support. On Thursday, the Bank of England (BOE) announced that it hiked its policy rate by 25 basis points to 0.75% as expected. Deputy Governor Jon Cunliffe, however, voted to keep rates on hold and didn't allow the British pound to capitalize on the rate increase. Additionally, the policy statement showed that the Russia-Ukraine crisis had "increased the uncertainty around the economic outlook significantly" and the bank's cautious tone further weighed on the GBP. Read more...

GBP/USD’s strong rebound from 1.3110 extends to 1.3185

The GBP/USD has rallied more than 0.5% in the last few hours, to erase the European trading session’s decline. In absence of significant macroeconomic releases, positions squaring moves ahead of the London closing bell might be behind the pound’s recovery. The pound had been hitherto trading lower, weighed by the Bank of England’s dovish statement, after releasing its monetary policy decision on Thursday, while the sourer market mood, as hopes of progress in the Russia – Ukraine peace talks start to fade have favored the safe-haven USD, thus increasing negative pressure on the GBP. Read more...

GBP/USD

Overview
Today last price	1.3178
Today Daily Change	0.0030
Today Daily Change %	0.23
Today daily open	1.3148

Trends
Daily SMA20	1.3285
Daily SMA50	1.345
Daily SMA100	1.3425
Daily SMA200	1.3605

Levels
Previous Daily High	1.3211
Previous Daily Low	1.3088
Previous Weekly High	1.3246
Previous Weekly Low	1.3028
Previous Monthly High	1.3644
Previous Monthly Low	1.3273
Daily Fibonacci 38.2%	1.3135
Daily Fibonacci 61.8%	1.3164
Daily Pivot Point S1	1.3087
Daily Pivot Point S2	1.3026
Daily Pivot Point S3	1.2963
Daily Pivot Point R1	1.3211
Daily Pivot Point R2	1.3273
Daily Pivot Point R3	1.3334

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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