Pound Sterling Price News and Forecast: GBP/USD choppy, directionless in low 1.3500s despite better risk appetite

FXStreet Team FXStreet

GBP/USD choppy, directionless in low 1.3500s despite better risk appetite, strong UK wage growth figures

GBP/USD has seen choppy, two-way trading conditions on Tuesday, swinging between session highs in the 1.3560s and sub-1.3500 session lows as the pair, for the most part, stuck to recent intra-day ranges. Despite a decent rebound in global equity markets on signs of easing Russia/Ukraine tensions and despite hotter than expected December UK wage growth figures which economists said bolsters the case for BoE tightening, GBP has been lackluster. At current levels near 1.3525, GBP/USD trades flat on the day. Read more...

GBP/USD

Overview
Today last price	1.3541
Today Daily Change	0.0017
Today Daily Change %	0.13
Today daily open	1.3524

Trends
Daily SMA20	1.3525
Daily SMA50	1.3468
Daily SMA100	1.3503
Daily SMA200	1.37

Levels
Previous Daily High	1.3572
Previous Daily Low	1.3495
Previous Weekly High	1.3644
Previous Weekly Low	1.3491
Previous Monthly High	1.3749
Previous Monthly Low	1.3358
Daily Fibonacci 38.2%	1.3524
Daily Fibonacci 61.8%	1.3543
Daily Pivot Point S1	1.3488
Daily Pivot Point S2	1.3453
Daily Pivot Point S3	1.3411
Daily Pivot Point R1	1.3565
Daily Pivot Point R2	1.3607
Daily Pivot Point R3	1.3643

UK Inflation Preview: December’s 30-year top appears at risk; pound has room to rise

GBP/USD has shot higher towards 1.3600, in reaction to the encouraging news from the Russian military, which lifted the overall market mood. Will cable continue its renewed upside on the UK inflation data that is due for release at 0700 GMT on Wednesday. After the Bank of England (BOE) delivered a hawkish 25-basis point rate hike in January to combat soaring inflation, the British pound has stood resilient in the face of the Fed’s hawkish market pricing, the Russia-Ukraine crisis and Brexit concerns. Read more...

GBP/USD Forecast: Resolution of Russia-Ukraine conflict to open the door to 1.3600

GBP/USD has reversed its direction after falling all the way down to 1.3500 and recovered above 1.3550. The pair awaits new developments on the Russia-Ukraine conflict before extending its rebound. In case the market mood continues to improve, GBP/USD could target 1.3600 next. Earlier in the day, Russia's Ifax news agency reported that Russian troops were returning to barracks after finishing the drills. The initial market reaction to this headline allowed investors to breathe a sigh of relief and risk-sensitive assets gained traction. As of writing, the UK's FTSE 100 Index was up 0.8% and S&P Futures were rising more than 1%. Read more...

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FXStreet Team

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