Pound Sterling Price News and Forecast: GBP/USD capitalizes on improved market mood as US Dollar corrects

FXStreet Team FXStreet

GBP/USD Forecast: Pound Sterling could face strong resistance at 1.2200

GBP/USD came within a touching distance of 1.2100 on Wednesday and spent the Asian session in a tight channel on Thursday. In the European morning, the pair gathered recovery momentum and climbed above 1.2150.

US Treasury bond yields' rally continued mid-week as markets reacted to the lack of progress in US budget negotiations. Unless Republicans and Democrats reach an agreement to fund the government before the October 1 deadline, investors could refrain from betting on a risk rally. Read more...

Pound Sterling capitalizes on improved market mood as US Dollar corrects

The Pound Sterling (GBP) discovered a cushion near 1.2100 after a mild correction in the US Dollar improved the appeal for risk-sensitive assets. Earlier, the GBP/USD pair was on the backfoot as investors were dumping risk-perceived assets due to a cautious market mood. The GBP/USD outlook remains vulnerable as risks of a recession in the United Kingdom have increased due to vulnerable economic prospects. The UK’s Manufacturing and Services PMI, which gauge the health of both sectors, have fallen into contraction territory, while strong labor demand appears to be fading. Read more...

GBP/USD

Overview
Today last price	1.2206
Today Daily Change	0.0071
Today Daily Change %	0.59
Today daily open	1.2135

Trends
Daily SMA20	1.2417
Daily SMA50	1.2615
Daily SMA100	1.2629
Daily SMA200	1.2435

Levels
Previous Daily High	1.2166
Previous Daily Low	1.2111
Previous Weekly High	1.2425
Previous Weekly Low	1.2231
Previous Monthly High	1.2841
Previous Monthly Low	1.2548
Daily Fibonacci 38.2%	1.2132
Daily Fibonacci 61.8%	1.2145
Daily Pivot Point S1	1.2108
Daily Pivot Point S2	1.2082
Daily Pivot Point S3	1.2053
Daily Pivot Point R1	1.2164
Daily Pivot Point R2	1.2193
Daily Pivot Point R3	1.222

Author

FXStreet Team

FXStreet

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