Pound Sterling Price News and Forecast: GBP/USD bulls press up against key resistance

FXStreet Team FXStreet

GBP/USD Price Analysis: Bears on the prowl at resistance

GBP/USD started the week off by dropping below 1.24, approaching a two-month low of 1.2306 reached on May 25th, as investors perceive a narrowing interest rate gap between the US and the UK. However, the Pound recovered those losses on the back of the weaker US dollar and data that put the Fed back into the spotlight on a dovish tip.

Technically this leaves GBP/USD in no-man's-land, treading water at the top of a 100-pip box. Read more...

GBP/USD seesaws above 1.2400 on mixed BoE vs. Fed concerns, downbeat US statistics

GBP/USD struggles for clear directions around 1.2435-40 amid early Tuesday in Asia, despite bouncing off a short-term key support line the previous day. In doing so, the Cable pair portrays the market’s indecision while also fails to cheer the downbeat US data amid mixed concerns about the Bank of England’s (BoE) next step.

On Monday, market players witnessed downbeat US statistics, as well as improved prints of the UK S&P Global/CIPS PMIs. However, the same initially underpinned the GBP/USD to rebound from a three-month-old rising support line before the recession woes and indecision at the BoE weighed on the Pound Sterling. Read more...

GBP/USD

Overview
Today last price	1.2435
Today Daily Change	-0.0007
Today Daily Change %	-0.06
Today daily open	1.2442

Trends
Daily SMA20	1.2454
Daily SMA50	1.2456
Daily SMA100	1.2303
Daily SMA200	1.1998

Levels
Previous Daily High	1.246
Previous Daily Low	1.2369
Previous Weekly High	1.2545
Previous Weekly Low	1.2327
Previous Monthly High	1.268
Previous Monthly Low	1.2308
Daily Fibonacci 38.2%	1.2403
Daily Fibonacci 61.8%	1.2425
Daily Pivot Point S1	1.2387
Daily Pivot Point S2	1.2332
Daily Pivot Point S3	1.2296
Daily Pivot Point R1	1.2478
Daily Pivot Point R2	1.2514
Daily Pivot Point R3	1.2569

Author

FXStreet Team

FXStreet

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