Pound Sterling Price News and Forecast: GBP/USD gets trendline rejection, but bulls still in play [Video]

FXStreet Team FXStreet

GBP/USD Forecast: Pound Sterling could test 1.2600 after US data

GBP/USD lost more than 50 pips on Monday but gathered bullish momentum early Tuesday. The pair could stretch higher toward 1.2600 later in the day in case May inflation data from the US causes the US Dollar (USD) to stay under selling pressure.

In the absence of high-tier data releases on Monday, GBP/USD came under technical bearish pressure as markets reacted to overbought conditions. Pound Sterling, however, attracted buyers in the European morning on Tuesday. Wage inflation in the UK, as measured by Average Earnings Excluding Bonus, climbed to 7.2% on a yearly basis in April from 6.8% in March, the Office for National Statistics reported. Read more...

GBP/USD gets trendline rejection, but bulls still in play [Video]

GBPUSD turned red on Monday after marking a one-month high of 1.2598 near the long-term resistance trendline, which has been capping bullish actions since the June 2021 high. The pair switched back to recovery mode early on Tuesday, with the technical indicators reflecting appetite for a bullish breakout. Read more ...

GBP/USD holds gains around 1.2570 inspired by upbeat UK Employment, US CPI remains key

The GBP/USD pair is holding gains generated after the release of the upbeat United Kingdom Employment data. The Cable is expected to continue its upside journey toward the round-level resistance of 1.2600 as the USD Index (DXY) is struggling to show a solid recovery from 103.30.

S&P500 futures have surrendered the majority of gains added till early London. It seems that investors have started getting precautionary ahead of the United States Consumer Price Index (CPI) data. Read more ...

GBP/USD

Overview
Today last price	1.2568
Today Daily Change	0.0063
Today Daily Change %	0.50
Today daily open	1.2505

Trends
Daily SMA20	1.2442
Daily SMA50	1.2471
Daily SMA100	1.231
Daily SMA200	1.2021

Levels
Previous Daily High	1.2599
Previous Daily Low	1.2487
Previous Weekly High	1.259
Previous Weekly Low	1.2369
Previous Monthly High	1.268
Previous Monthly Low	1.2308
Daily Fibonacci 38.2%	1.253
Daily Fibonacci 61.8%	1.2557
Daily Pivot Point S1	1.2462
Daily Pivot Point S2	1.2418
Daily Pivot Point S3	1.2349
Daily Pivot Point R1	1.2574
Daily Pivot Point R2	1.2643
Daily Pivot Point R3	1.2686

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FXStreet Team

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