Pound Sterling Price News and Forecast: GBP/USD consolidates but prospects of bullish extension loom

FXStreet Team FXStreet

GBP/USD consolidates but prospects of bullish extension loom

GBP/USD rallied early on Tuesday after data showed British wages rose faster than expected in the last three months of 2022. The data raised the prospects of a more hawkish Bank of England as the inflation battle consumes sentiment in markets. In that regard, the US Consumer Price Index was the next key event for the pair with the data underpinning the outlook for further rate hikes from the Federal Reserve. Read More...

GBP/USD stays firm at around 1.2160s post US CPI

The GBP/USD dropped sharply in the North American session following the release of inflation data in the United States, which, although increased, initially sent the GBP/USD spiking towards its daily high at 1.2269 before reversing its course to the 1.2130 area. However, a late bounce sparked a recovery in the GBP/USD, trading at 1.2166, above its opening price. Read More...

GBP/USD breaks through 50-day SMA hurdle, peaks at 1.2270 post US CPI

The GBP/USD pair spikes to a peak of 1.2270 before retracing dramatically to the upper 1.21s following the much-anticipated release of US CPI data on Tuesday. Read More...

GBP/USD

Overview
Today last price	1.2174
Today Daily Change	0.0036
Today Daily Change %	0.30
Today daily open	1.2138

Trends
Daily SMA20	1.2254
Daily SMA50	1.2186
Daily SMA100	1.1859
Daily SMA200	1.1944

Levels
Previous Daily High	1.2152
Previous Daily Low	1.2031
Previous Weekly High	1.2194
Previous Weekly Low	1.1961
Previous Monthly High	1.2448
Previous Monthly Low	1.1841
Daily Fibonacci 38.2%	1.2106
Daily Fibonacci 61.8%	1.2077
Daily Pivot Point S1	1.2062
Daily Pivot Point S2	1.1986
Daily Pivot Point S3	1.1941
Daily Pivot Point R1	1.2183
Daily Pivot Point R2	1.2228
Daily Pivot Point R3	1.2304

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 holds above 1.3350 with the 200-day SMA capping gains

The British Pound appreciates against the US Dollar on Tuesday to trim previous losses and return to the 1.3375 area, aiming to retest resistance at the key 200-day Simple Moving Average. This is a popular indicator, which lies a few pips below 1.3400 and has been capping Pound’s recovery over the last two weeks.

EUR/USD gathers strength above 1.1400 after soft US inflation data

The EUR/USD pair gains ground to near 1.1425 during the early Asian trading hours on Wednesday. The US Dollar weakens against the Euro as softer-than-expected US inflation data temporarily eased pressure on the Federal Reserve. Traders will take more cues from the US Producer Price Index report, which is due on Wednesday.

Gold bulls seem hesitant near $4,050 as Iran risks support USD despite reduced Fed hike bets

Gold steadies following the previous day's late pullback from $4,100 as reduced bets for a Fed rate hike keep the US Dollar on the back foot and support the non-yielding bullion. However, escalating US-Iran tensions keep the geopolitical risk premium in play and help the USD to hold above a multi-week low, touched after softer US consumer inflation figures on Tuesday. This acts as a headwind for the precious metal, warranting caution for aggressive bulls.

Ethereum climbs 7% amid declining inflation, weak retail and whale participation

Ethereum jumped more than 7% above $1,850 on Tuesday following a weaker-than-expected US Consumer Price Index report for June. The inflation data fell to 3.5% below expectations of 3.8%, marking a month-on-month decline of 0.4%, its largest monthly drop since May 2020. Core CPI also fell to 2.6% below forecasts of 2.8%.

Fed Chair Warsh reaffirms they will deliver price stability

While testifying on the Semiannual Monetary Policy Report before the US House Financial Services Committee, Fed Chairman Kevin Warsh reiterated that the Fed is making a commitment on price stability and the goal of 2% inflation.

Five sessions, one round trip: Why the whipsaw is exactly what Warsh ordered

Markets opened July with a December hike as the base case and spent five trading sessions unlearning and relearning it. A 57K payrolls print bled the tightening bets out of the strip; a re-shut Strait of Hormuz is pushing them back in. Wednesday's minutes from the June FOMC meeting landed mid-round-trip, describing a world that had already stopped existing.