Pound Sterling Price News and Forecast: GBP/USD experiences a significant uptick

FXStreet Team FXStreet

GBP/USD rallies above 1.2700 amid speculations of Fed’s easing cycle, soft US Dollar

GBP/USD climbed more than 90 pips late during Friday’s North American session, or 0.70%, after reaching a daily low of 1.2609. Speculations that the Federal Reserve has finished its tightening cycle sparked more than 100 basis points of cuts by the Fed next year, a headwind for the Greenback. The pair is trading at 1.2711.

The main reason behind the GBP/USD’s advance is a softer greenback. Even though the US Federal Reserve’s Chairman Jerome Powell pushed back against rate cut expectations, he wasn’t unable to move the needle and boost the US Dollar, which measured by the US Dollar Index, which measures the currency against six other peers, dropped 0.38%, at 103.12. Read more...

GBP/USD: Loss of support around 1.2600/1.2605 should see losses extend towards the mid-1.25s – Scotiabank

GBP/USD holds above 1.26. Economists at Scotiabank analyze the pair’s outlook. Read more...

GBP/USD

Overview
Today last price	1.2711
Today Daily Change	0.0087
Today Daily Change %	0.69
Today daily open	1.2624

Trends
Daily SMA20	1.2457
Daily SMA50	1.2289
Daily SMA100	1.2486
Daily SMA200	1.2468

Levels
Previous Daily High	1.2711
Previous Daily Low	1.2604
Previous Weekly High	1.2616
Previous Weekly Low	1.2446
Previous Monthly High	1.2733
Previous Monthly Low	1.2096
Daily Fibonacci 38.2%	1.2644
Daily Fibonacci 61.8%	1.267
Daily Pivot Point S1	1.2581
Daily Pivot Point S2	1.2539
Daily Pivot Point S3	1.2474
Daily Pivot Point R1	1.2688
Daily Pivot Point R2	1.2753
Daily Pivot Point R3	1.2796

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.

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