Pound Sterling Price News and Forecast: GBP/USD bulls riding the whitewash of the Fed's dovish tilt

FXStreet Team FXStreet

GBP/USD Price Analysis: Bulls eye a run to test the 1.24s resistance

GBP/USD rallied overnight on US Dollar weakness following the Federal Reserve event. The pair burst through 1.2350 resistance. GBP/USD now depends on the Bank of England and US jobs data on Friday. The following illustrates the technical structure of the price on the hourly time frame. Read more...

GBP/USD soars to near 1.2400 as Fed stretches interest rates in line with estimates

The GBP/USD pair has displayed a juggernaut rally to near the round-level resistance of 1.2400 in the late New York session. The Cable has been infused with an adrenaline rush after the interest rate decision by the Federal Reserve (Fed) chair Jerome Powell met expectations. Fed chair Jerome Powell has pushed interest rates to the 4.50-4.75% range by announcing a 25 basis point (bps) hike as the central bank needs more evidence to be confident that inflation is on a downward path.

The US Dollar Index (DXY) has surrendered the critical support of 101.00 for the first time in the past nine months. The USD Index has refreshed its nine-month low at 100.64 despite the Fed having denied the speculation of pausing further restrictions on monetary policy this year. Meanwhile, S&P500 has settled Wednesday’s trading session on a bullish note. The 500-US stock basket recovered initial losses and ended the session with significant gains, portraying a significant improvement in the risk appetite of the market participants. Read more...

GBP/USD

Overview
Today last price	1.2378
Today Daily Change	0.0050
Today Daily Change %	0.41
Today daily open	1.2328

Trends
Daily SMA20	1.2259
Daily SMA50	1.2182
Daily SMA100	1.1781
Daily SMA200	1.196

Levels
Previous Daily High	1.2371
Previous Daily Low	1.2284
Previous Weekly High	1.2448
Previous Weekly Low	1.2263
Previous Monthly High	1.2448
Previous Monthly Low	1.1841
Daily Fibonacci 38.2%	1.2317
Daily Fibonacci 61.8%	1.2338
Daily Pivot Point S1	1.2284
Daily Pivot Point S2	1.2241
Daily Pivot Point S3	1.2198
Daily Pivot Point R1	1.2371
Daily Pivot Point R2	1.2414
Daily Pivot Point R3	1.2458

Author

FXStreet Team

FXStreet

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