GBP/USD Forecast: Pound Sterling not out of the woods yet
GBP/USD has gained traction early Friday and climbed above 1.2350. Despite the recent rebound, the pair's technical outlook is yet to signal a reversal. Ahead of the weekend, investors will pay close attention to the Personal Consumption Expenditures (PCE) Price Index data from the US.
Although risk flows returned to markets on Thursday, the US Dollar (USD) preserved its strength with robust US data feeding into the hawkish Federal Reserve (Fed) narrative. The US economy's annualized growth for the first quarter got revised higher to 1.3% from 1.1% and the Initial Jobless Claims for the week ending May 20 came in at 229,000, much lower than the market expectation of 245,000. Read more ...
GBP/USD clings to gains above 1.2350, lacks follow-through ahead of US PCE Price Index
The GBP/USD pair gains some positive traction on Friday and snaps a three-day losing streak to the 1.2300 neighbourhood, or its lowest level since early April touched the previous day. Spot prices stick to intraday gains through the first half of the European session and currently trade around the 1.2360 region, up over 0.30% for the day.
A modest pullback in the US Treasury bond yields prompts traders to lighten their US Dollar (USD) bullish bets, especially after the recent move up to over a two-month high, which, in turn, lends support to the GBP/USD pair. The British Pound (GBP), meanwhile, gets an additional lift following the better-than-expected release of the UK Retail Sales figures, which rose 0.5% in April as compared to the 0.3% expected and the 1.2% decline registered in the previous month. Read more...
|Today last price||1.2378|
|Today Daily Change||0.0057|
|Today Daily Change %||0.46|
|Today daily open||1.2321|
|Previous Daily High||1.2387|
|Previous Daily Low||1.2308|
|Previous Weekly High||1.2547|
|Previous Weekly Low||1.2392|
|Previous Monthly High||1.2584|
|Previous Monthly Low||1.2275|
|Daily Fibonacci 38.2%||1.2338|
|Daily Fibonacci 61.8%||1.2357|
|Daily Pivot Point S1||1.229|
|Daily Pivot Point S2||1.226|
|Daily Pivot Point S3||1.2211|
|Daily Pivot Point R1||1.237|
|Daily Pivot Point R2||1.2418|
|Daily Pivot Point R3||1.2449|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Follow us on Telegram
Stay updated of all the news
EUR/USD holds gains above 1.0700 amid weaker US Dollar, EU data eyed
EUR/USD is posting small gains above 1.0700, finding support from a broad US Dollar weakness and hawkish ECB expectations ahead of the mid-tier EU data this Tuesday. Cautious market mood and disappointing German Factory Orders limit the upside in the major.
GBP/USD defends bids near 1.2450 amid cautious markets
GBP/USD is trading close to 1.2450, defending minor bids in early Europe. Amidst poor US economic data and increased Fed pause bets, the US Dollar takes the back seat, despite a cautious risk tone so far this Tuesday.
Gold oscillates around $1,960 amid mixed responses to Fed’s June policy
Gold price is auctioning inside the woods around $1,960.00 in the early London session. The precious metal is displaying back-and-forth action as the investing community is divided about the interest rate decision by the Fed to be taken in June’s monetary policy meeting.
Is the metaverse hype back in action?
Although there are no major macroeconomic events this week, investors can expect massive volatility on a daily basis. The reasoning behind this outlook is that Apple will be conducting the 2023 Apple Worldwide Developers Conference (WWDC) on June 5.
Markets are likely to focus on ECB commentary
This is a very quiet week in terms of data and hence markets are likely to focus on last minute central bank commentary. The FOMC blackout period kicked off already on Sunday, but today we have a bunch of ECB speakers on the wires.