Pound Sterling Price News and Forecast: GBP/USD bulls remain in play after markets digested UK GDP data

FXStreet Team FXStreet

GBP/USD Forecast: Pound Sterling to face stiff resistance at 1.2550

GBP/USD has regained its traction and climbed above 1.2500 early Thursday after having spent the Asian session in a tight range slightly below that level. The pair's bullish bias stays intact but it could find it difficult to clear 1.2550 resistance, at least in the near term.

Although March inflation data from the US had little to no impact on the market expectation for a 25 basis points Federal Reserve (Fed) rate hike in May, the US Dollar (USD) came under heavy selling pressure and fueled GBP/USD's rally. Read more ...

GBP/USD outlook: Bulls remain in play after markets digested UK GDP data

Cable remains firm and probing through psychological 1.2500 barrier in early European trading on Thursday, as markets digested UK data. UK economic growth was flat in February, against expectations for a minimal expansion by 0.1%, but immediate negative impact was offset by upward revision of January’s figure to 0.4% from 0.3%, which offered fresh support after the pound was lifted by Wednesday’s US CPI below expectations.

The action is underpinned by rising positive momentum and moving averages in full bullish setup on daily chart and extending strong advance from past two days. Bulls eye key barrier at 1.2525 (2023 high, posted on Apr 4), break of which would open way towards net target at 1.2759 (Fibo 61.8% of 1.4249/1.0348 downtrend). Read more ...

GBP/USD: Down a few pips below 1.2500 on unimpressive UK statistics

GBP/USD renews its intraday low near 1.2480 as the UK’s data dump for February marks mostly downbeat numbers during early Thursday in London. Adding strength to the Cable pair’s pullback moves could be the US Dollar’s corrective bounce amid a sluggish session and a light calendar.

UK’s February 2023 Gross Domestic Product (GDP) eased to 0.0% versus 0.1% expected and 0.4% prior while the Industrial Production improved on YoY but declined on MoM during the stated month. Further details suggest an increase in the UK’s trade deficit and no change in the Index of Services. Read more ...

GBP/USD

Overview
Today last price	1.2508
Today Daily Change	0.0025
Today Daily Change %	0.20
Today daily open	1.2483

Trends
Daily SMA20	1.2338
Daily SMA50	1.216
Daily SMA100	1.2174
Daily SMA200	1.1909

Levels
Previous Daily High	1.2495
Previous Daily Low	1.2399
Previous Weekly High	1.2525
Previous Weekly Low	1.2275
Previous Monthly High	1.2424
Previous Monthly Low	1.1803
Daily Fibonacci 38.2%	1.2458
Daily Fibonacci 61.8%	1.2436
Daily Pivot Point S1	1.2422
Daily Pivot Point S2	1.2362
Daily Pivot Point S3	1.2326
Daily Pivot Point R1	1.2519
Daily Pivot Point R2	1.2556
Daily Pivot Point R3	1.2616

Author

FXStreet Team

FXStreet

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