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

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.

GBP/USD edges lower but remains close to multi-month top, awaiting US PCE

The GBP/USD pair trades with a negative bias below mid-1.3600s during the Asian session, eroding a part of the previous day's strong gains. Spot prices, however, remain within striking distance of a six-month top, set last Friday, as traders keenly await the release of the US Personal Consumption Expenditures (PCE) Price Index data for a fresh impetus.

EUR/USD Remains sideways ahead of key US events

EUR/USD clinches humble gains around 1.1670 following Tuesday’s close on Wall Street. Indeed, marginal losses in the US Dollar encourages spot to set aside two dauly pullbacks in a row and maintain the 1.1700 barrier on the cross-hairs for now. Moving forward, US inflation tracked by the PCE and another revision of Q2 GDP data should keep investors entertained on Wednesday.

$4700 back on Gold buyers’ radar as US core PCE inflation data looms

Gold is heading back toward the fresh 15-week highs of $4,697 in Wednesday’s Asian trades, reversing a brief dip below the $4,650 level. Gold buyers find renewed strength from a broadly subdued US Dollar (USD), as they look to reposition ahead of the US core Personal Consumption Expenditures (PCE) Price Index data for July.

Dogecoin, Shiba Inu, Pepe: Profit-taking cools last week’s rally

Meme coins, including Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), are losing their bullish momentum after last week’s double-digit gains. Facing downside pressure amid profit-taking, DOGE and PEPE risk further decline while SHIB holds at a support level.

America’s self‑inflicted trade wound

I’m conflicted about the trade war that the U.S. has started with Canada. Let’s be clear: any representation that Canada has been taking unfair advantage of the U.S. or that they have been treating us badly for years is a bogus characterization. In reality, the shoe is on the other foot. It’s the U.S. that has been behaving badly.

Canada hits US goods with tariffs; The rate market sees a problem

On September 8, Canada begins charging its own importers 15%, 25% and 50% on roughly 700 lines of American goods. The measure is billed as dollar for dollar, and on the arithmetic of covered trade it is. What it is not is a tax on the United States.