GBP/USD bulls stay on top in the 1.36 areas, eyes on the Fed, BoE and UK politics

GBP/USD is trading at 1.3627 and higher by some 0.24% after rising from a low of 1.3585 to a high of 1.3648. Besides domestic drivers, the pound has benefitted from a pullback in US yields and the greenback. US Treasury yields are retreating from near two-year highs on 2-year and 10-year notes. The focus this week, in the absence of many data drivers, has been the surge in US yields and a recovery in the UIS dollar. Investors are prepared for a widely expected interest rate increase in March. Sterling, meanwhile, edged higher after UK data on Wednesday showed British inflation rose 5.4% in December, to its highest level in 30 years. Read more...

GBP/USD

Overview
Today last price 1.3625
Today Daily Change 0.0034
Today Daily Change % 0.25
Today daily open 1.3591
 
Trends
Daily SMA20 1.354
Daily SMA50 1.3408
Daily SMA100 1.355
Daily SMA200 1.3736
 
Levels
Previous Daily High 1.3662
Previous Daily Low 1.3573
Previous Weekly High 1.3749
Previous Weekly Low 1.3532
Previous Monthly High 1.355
Previous Monthly Low 1.3161
Daily Fibonacci 38.2% 1.3607
Daily Fibonacci 61.8% 1.3628
Daily Pivot Point S1 1.3555
Daily Pivot Point S2 1.3519
Daily Pivot Point S3 1.3466
Daily Pivot Point R1 1.3644
Daily Pivot Point R2 1.3697
Daily Pivot Point R3 1.3733

 

GBP/USD Forecast: Next bearish target aligns at 1.3530

The British pound has failed to capitalize on the hot UK inflation data out on Wednesday and GBP/USD is consolidating Tuesday's losses near 1.3600. The unabated flight to safety and the broad-based dollar strength suggest that the pair is unlikely to stage a convincing rebound in the near term. The UK's Office for National Statistics announced earlier in the day that the Consumer Price Index (CPI) climbed to 5.4% on a yearly basis in December from 5.1% in November. This print surpassed the market forecast of 5.2% but the Producer Price Index - Input (PPI) declined to 13.5% from 15.2% in the same period, not allowing GBP/USD to gain traction. Read more...

GBP/USD outlook: Sterling bounces on rising expectations for another rate hike as inflation hits

Cable regained traction and bounced on Wednesday, signaling an end of three-day pullback, sparked by a double rejection at 200DMA (1.3733) last week. Pound was boosted by UK CPI data which showed that inflation in Britain continued to rise and hit the highest level in nearly 30 years in December, offsetting policymakers’ general view of transitory process and boosting hopes for another BoE’s rate hike on Feb 3 monetary policy meeting. Read more...

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