Pound Sterling Price News and Forecast: GBP/USD flirts with multi-day top

FXStreet Team FXStreet

GBP/USD Forecast: Pound Sterling could face stiff resistance at 1.2270

GBP/USD spent the Asian session in a tight channel at around 1.2200, consolidating Thursday's recovery gains. In the early European trading hours, the pair regained its traction and advanced toward 1.2250.

The broad-based US Dollar (USD) weakness helped GBP/USD finally stage a rebound in the second half of the week. As Wall Street's main indexes climbed into the positive territory following a flat opening, the USD lost interest as a safe haven and fuelled GBP/USD's recovery. Read more ...

GBP/USD flirts with multi-day top, above 1.2200 ahead of UK GDP/US Core PCE Price Index

The GBP/USD pair gains some positive traction for the second successive day on Friday and looks to build on the previous day's goodish recovery from the vicinity of its lowest level since March 17. Spot prices trade around the 1.2220 region during the Asian session and draw support from a mildly softer tone surrounding the US Dollar (USD).

The USD Index (DXY), which tracks the Greenback against a basket of currencies, remains depressed below the YTD peak set earlier this week and is pressured by Thursday's rather unimpressive US macro data. The final estimate published by the US Bureau of Economic Analysis (BEA) showed that the US expanded by a 2.1% annualized pace during the second quarter, in line with market expectations. Read more...

Pound Sterling extends recovery on improved market sentiment

The Pound Sterling (GBP) discovers stellar buying interest as investors digest upside risks to a recession in the United Kingdom. The GBP/USD pair rebounds meaningfully as market participants start admitting that the British economy has no other option than to operate with higher interest rates by the Bank of England (BoE) due to a hot-inflation environment. The strength in the Pound Sterling also came from a corrective move in the US Dollar.

After contracting for 13 months in a row, the UK’s Manufacturing PMI is expected to continue the declining spell as the BoE is quite clear about keeping interest rates higher long enough for inflation to come down to 2%. Read more...

GBP/USD

Overview
Today last price	1.2261
Today Daily Change	0.0061
Today Daily Change %	0.50
Today daily open	1.22

Trends
Daily SMA20	1.2394
Daily SMA50	1.2602
Daily SMA100	1.2626
Daily SMA200	1.2435

Levels
Previous Daily High	1.2225
Previous Daily Low	1.212
Previous Weekly High	1.2425
Previous Weekly Low	1.2231
Previous Monthly High	1.2841
Previous Monthly Low	1.2548
Daily Fibonacci 38.2%	1.2185
Daily Fibonacci 61.8%	1.216
Daily Pivot Point S1	1.2139
Daily Pivot Point S2	1.2077
Daily Pivot Point S3	1.2034
Daily Pivot Point R1	1.2243
Daily Pivot Point R2	1.2286
Daily Pivot Point R3	1.2348

Author

FXStreet Team

FXStreet

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