Pound Sterling Price News and Forecast: GBP/USD bulls stalling ahead of longer-term resistance

FXStreet Team FXStreet

GBP/USD Price Analysis: Bears move in as US Dollar firms

GBP/USD is under pressure as the US Dollar corrects. Since the prior analysis, the Federal Reserve has driven markets to reconsider their US Dollar forecasts. However, there are prospects of a deep correction that would be expected to cap the Pound´s advance. Read more...

GBP/USD pares Fed/BoE led gains around 1.2300 ahead of UK Retail Sales, PMI

GBP/USD bulls take a breather around the highest levels in nearly two months, making rounds to 1.2290 after rising in the last two consecutive days, as the volatile week is left with one last ball to play. The Cable pair cheered the US Federal Reserve’s (Fed) dovish rate hike, as well as the Bank of England’s (BoE) readiness for more rate increases to renew the multi-day top of late. However, the mixed US data and sentiment seem allowing the quote to pare recent gains ahead of the key statistics.

On Thursday, the Bank of England (BoE) raised the policy rate by 25 basis points (bps) to 4.25%, as expected. The policy statement highlighted an increase in Q2 Gross Domestic Product (GDP) forecast while also estimating a slower growth in Consumer Price Index (CPI) for the same. "UK banking system is well-placed to support economy, including in a period of higher interest rates," added the BoE statement. It should be noted, however, that the policymakers clearly showed readiness for more rate hikes if inflation stays high, which in turn allowed the GBP/USD to remain firmer. Read more...

GBP/USD

Overview
Today last price	1.229
Today Daily Change	0.0025
Today Daily Change %	0.20
Today daily open	1.2265

Trends
Daily SMA20	1.2057
Daily SMA50	1.2146
Daily SMA100	1.2073
Daily SMA200	1.1894

Levels
Previous Daily High	1.2336
Previous Daily Low	1.2209
Previous Weekly High	1.2204
Previous Weekly Low	1.201
Previous Monthly High	1.2402
Previous Monthly Low	1.1915
Daily Fibonacci 38.2%	1.2287
Daily Fibonacci 61.8%	1.2257
Daily Pivot Point S1	1.2204
Daily Pivot Point S2	1.2143
Daily Pivot Point S3	1.2077
Daily Pivot Point R1	1.2331
Daily Pivot Point R2	1.2397
Daily Pivot Point R3	1.2458

Author

FXStreet Team

FXStreet

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