Pound Sterling Price News and Forecast: GBP/USD climbs back closer to over two-month top


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GBP/USD Forecast: 1.2500 proves to be a stiff resistance

Following the downward correction seen in the second half of the previous week, GBP/USD opened on a bullish note and climbed toward 1.2500 before losing its traction. The pair's technical outlook suggests that the bullish bias remains intact despite the recent pullback.

Although the US Dollar (USD) stood under heavy selling pressure last week, soft inflation readings from the UK made it difficult for GBP/USD to extend its uptrend. Early Monday, the pair edged higher on improving risk sentiment but struggled to surpass 1.2500. At the time of press, US stock index futures were trading modestly higher on the day. Read more...

GBPUSD

GBP/USD climbs back closer to over two-month top, bulls flirt with 100-day SMA near 1.2500

The GBP/USD pair attracts some dip-buying following an early dip to the 1.2440 area on Monday and builds on its steady ascent through the early part of the European session. Spot prices climb back closer to the 1.2500 psychological mark, with bulls now awaiting a sustained move and acceptance above the 100-day Simple Moving Average (SMA) before placing fresh bets.

The US Dollar (USD) selling bias remains unabated in the wake of dovish Federal Reserve (Fed) expectations, which, in turn, is seen pushing the GBP/USD pair higher for the second successive day. Investors now seem convinced that the US central bank is done with its policy tightening campaign and the bets were reaffirmed by the softer US CPI report released last week. Moreover, the markets are now pricing in the possibility that the Fed will start cutting rates as soon as March 2024. Read more...

GBP/USD

Overview
Today last price 1.2467
Today Daily Change 0.0006
Today Daily Change % 0.05
Today daily open 1.2461
 
Trends
Daily SMA20 1.2263
Daily SMA50 1.2257
Daily SMA100 1.2509
Daily SMA200 1.2444
 
Levels
Previous Daily High 1.2462
Previous Daily Low 1.2374
Previous Weekly High 1.2506
Previous Weekly Low 1.2213
Previous Monthly High 1.2337
Previous Monthly Low 1.2037
Daily Fibonacci 38.2% 1.2429
Daily Fibonacci 61.8% 1.2408
Daily Pivot Point S1 1.2402
Daily Pivot Point S2 1.2344
Daily Pivot Point S3 1.2314
Daily Pivot Point R1 1.2491
Daily Pivot Point R2 1.2521
Daily Pivot Point R3 1.2579

 

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