Pound Sterling Price News and Forecast: GBP/USD bulls stay the course as US dollar remains pressured

FXStreet Team FXStreet

GBP/USD bulls stay the course as US dollar remains pressured

At 1.2580, GBP/USD is flat in midday trade on Wall Street. The pair has moved within a range of between 1.2551 and 1.2620 so far. Sterling, among the rest of the G7 block, has benefitted from a softer US dollar in the closing stages of the month. Comments from FOMC officials this week have turned slightly dovish and the focus turned to other central banks, such as the European central bank, the Reserve bank of New Zealand and meetings on the horizon, such as the Bank of England in June. Read more...

GBP/USD

Overview
Today last price	1.2655
Today Daily Change	0.0059
Today Daily Change %	0.47
Today daily open	1.2596

Trends
Daily SMA20	1.2433
Daily SMA50	1.2787
Daily SMA100	1.3118
Daily SMA200	1.3338

Levels
Previous Daily High	1.2621
Previous Daily Low	1.2552
Previous Weekly High	1.2525
Previous Weekly Low	1.2217
Previous Monthly High	1.3167
Previous Monthly Low	1.2411
Daily Fibonacci 38.2%	1.2595
Daily Fibonacci 61.8%	1.2578
Daily Pivot Point S1	1.2558
Daily Pivot Point S2	1.2521
Daily Pivot Point S3	1.2489
Daily Pivot Point R1	1.2627
Daily Pivot Point R2	1.2659
Daily Pivot Point R3	1.2696

GBP/USD Forecast: Pound closes in on key resistance above 1.2600

GBP/USD has gathered bullish momentum on Thursday and climbed above 1.2600. The pair was last seen testing the key resistance level located near 1.2620 and a four-hour close above that level could be taken as a bullish sign. The selling pressure surrounding the greenback is helping GBP/USD push higher. The US Dollar Index stays in negative territory below 102.00 in the European trading hours as US Treasury bond yields extend the weekly slide toward 2.7%. Read more...

Technical view: BTC/USD emphasising weakness and EUR/USD eyeing higher levels

GBP/USD: Long term, this market has been entrenched within a strong primary downtrend since early 2021, emphasising weekly resistance at $1.2719 and daily Quasimodo support-turned resistance at $1.2762 as a possible ceiling should price test the base. Interestingly, the daily timeframe’s relative strength index (RSI) is poised to overthrow the 50.00 centreline: positive momentum. Read more...

Author

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

GBP/USD keeps the firm tone above 1.3600

GBP/USD clings to its daily gains, although it gives back some of them and recedes toward the 1.3630-1.3620 band on Thursday. Cable’s uptick comes despite the modest bounce in the Greenback, while investors gear up for key data releases on the UK calendar on Friday.

EUR/USD treads water near 1.1670

EUR/USD gives away all its initial gains and receded to the sub-1.1700 region. The US Dollar’s late recovery has dragged the pair lower, leaving it practically unchanged following the NA session on Thursday. In the meantime, investors gear up for the release of preliminary S&P Global Manufacturing and Services PMIs on both sides of the Atlantic on Friday.

Gold trims losses, back above $4,500

Gold manages to regain some composure and reclaim the area beyond the key $4,500 mark per troy ounce on Thursday. The yellow metal’s daily decline comes amid the humble improvement in the US Dollar while US Treasury yields remain on the rise following Wednesday’s marked retracement across the curve.

Ethereum bulls defend rally above $2,300 despite rising profit-taking

Ethereum continued its rally on Thursday as capital gradually flowed back into the derivatives market after the recent leverage flush. ETH open interest, which is the total worth of outstanding contracts in a derivatives market, has risen by 270K ETH to 13.2M ETH over the past few hours.

Why long bonds have repriced the cost of money

The 30-year Treasury is 12 basis points below its highest level since before the financial crisis. Not its highest since 2023, or since the tightening cycle, but since June 12, 2007, the last time the longest bond in the world's deepest market yielded what it yields on Thursday. Getting there took two attempts and most of the year.

$20 billion offered, $2 billion taken: Why Treasury doubled its buyback cap

The US Treasury moved off its own calendar on Wednesday, and that is the part worth sitting with. At 12:32 GMT, the department said it would at least double the size of liquidity support buyback operations in the 10-year to 20-year and 20-year to 30-year sectors, lifting the maximum from $2 billion per operation to at least $4 billion, effective September 9 and running to November 4.