Pound Sterling Price News and Forecast: GBP/USD could extend losses toward the support level at 1.2350

FXStreet Team FXStreet

GBP/USD Price Analysis: Hovers below 1.2400 backed by 38.2% Fibonacci retracement

GBP/USD extends losses on the second consecutive day, trading lower around 1.2390 during the Asian session on Thursday. The 1.2350 major level emerges as the key support, following the next support around the psychological level at 1.2300.

A break below the latter could weigh on the GBP/USD pair to navigate the region around the 21-day Exponential Moving Average (EMA) at 1.2282 level following the weekly low at 1.2213. Read more...

GBP/USD consolidates above 1.2400, traders seem non-committed amid mixed fundamental cues

The GBP/USD pair consolidates the overnight rejection slide from the 100-day Simple Moving Average (SMA), around the 1.2500 psychological mark, or a two-month top, and oscillates in a narrow band during the Asian session on Thursday. Spot prices, meanwhile, manage to hold above the 1.2400 round figure and remain at the mercy of the US Dollar (USD) price dynamics.

The USD Index (DXY), which tracks the Greenback against a basket of currencies, struggles to capitalize on the previous day's modest recovery from its lowest level since September 1 amid dovish Federal Reserve (Fed) expectations. The bets were lifted by the softer US CPI report released on Tuesday, which showed consumer inflation was cooling faster than anticipated. Moreover, the markets are now pricing in a greater chance that the Fed will start cutting rates during the first half of 2024, which keeps the US Treasury bond yields depressed and acts as a headwind for the Greenback. Read more...

GBP/USD

Overview
Today last price	1.2395
Today Daily Change	-0.0015
Today Daily Change %	-0.12
Today daily open	1.241

Trends
Daily SMA20	1.2235
Daily SMA50	1.2258
Daily SMA100	1.2513
Daily SMA200	1.2441

Levels
Previous Daily High	1.2502
Previous Daily Low	1.2404
Previous Weekly High	1.2429
Previous Weekly Low	1.2187
Previous Monthly High	1.2337
Previous Monthly Low	1.2037
Daily Fibonacci 38.2%	1.2441
Daily Fibonacci 61.8%	1.2464
Daily Pivot Point S1	1.2375
Daily Pivot Point S2	1.234
Daily Pivot Point S3	1.2277
Daily Pivot Point R1	1.2473
Daily Pivot Point R2	1.2537
Daily Pivot Point R3	1.2571

Author

FXStreet Team

FXStreet

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