Pound Sterling Price News and Forecast: GBP/USD experiences a downturn, marking a 0.35% decline

FXStreet Team FXStreet

GBP/USD slides below 1.2700 on strong US Dollar after soft US PCE

The GBP/USD drops in Thursday's North American session as the Greenback got a vote of confidence from traders, even though data suggests the US Federal Reserve (Fed) might be near the peak of its tightening cycle. Hence, the major is trading at 1.2649 after reaching a high of 1.2710, down 0.35%.

As mentioned above, the US Dollar Index (DXY), which tracks the buck’s performance against six currencies, including Sterling, gains 0.47%, up at 103.33. The US Bureau of Economic Analysis (BEA) revealed that core inflation, measured by the Fed’s preferred gauge for inflation, the core Personal Consumption Expenditure (PCE), cooled down from 3.7% to 3.5% YoY in October. The headline figures climbed to 3.0% as estimated, 0.4% below September’s number. Read more...

GBP/USD could slump to the 1.26 zone – Scotiabank

GBP soft in line with broader USD tone. Economists at Scotiabank analyze Cable’s outlook. Read more...

GBP/USD

Overview
Today last price	1.263
Today Daily Change	-0.0063
Today Daily Change %	-0.50
Today daily open	1.2693

Trends
Daily SMA20	1.2435
Daily SMA50	1.2282
Daily SMA100	1.2491
Daily SMA200	1.2465

Levels
Previous Daily High	1.2733
Previous Daily Low	1.2665
Previous Weekly High	1.2616
Previous Weekly Low	1.2446
Previous Monthly High	1.2337
Previous Monthly Low	1.2037
Daily Fibonacci 38.2%	1.2691
Daily Fibonacci 61.8%	1.2707
Daily Pivot Point S1	1.2661
Daily Pivot Point S2	1.2629
Daily Pivot Point S3	1.2592
Daily Pivot Point R1	1.2729
Daily Pivot Point R2	1.2766
Daily Pivot Point R3	1.2798

Author

FXStreet Team

FXStreet

EUR/USD: Gains remain capped by 1.1650

EUR/USD remains in recovery-mode following the closing bell in Euroland on Wednesday, hovering around the 1.1650 zone amid renewed downside pressure on the US Dollar and a marginal improvement in the global sentiment.

GBP/USD appears bid around 1.3370

GBP/USD reverses part of its recent multi-day decline, gathering some balance and managing to reach the 1.3400 region, where some initial resistance seems to have turned up. Cable’s uptick comes in response to some loss of momentum in the Greenback despite the geopolitical scenario remaining fragile.

Gold recovers modestly despite intensifying Middle East crisis

Gold keeps its daily gains well in place, although a break above the $5,200 mark per troy ounce still remains elusive on Wednesday. The yellow metal’s rebound comes in response to the persistent flight-to-safety amid intense geopolitical tensions in the Middle East and the bearish performance of the US Dollar.