Pound Sterling Price News and Forecast: GBP/USD holds lower ground near weekly bottom

FXStreet Team FXStreet

GBP/USD struggles around 1.3600 on BOE, Brexit concerns ahead of UK Retail Sales

GBP/USD differs from other risk-sensitive currency pairs to remain inactive around 1.3590-95 during early Friday. In doing so, the cable pair struggles to justify the risk-off mood amid contrasting signals concerning Brexit and the Bank of England’s (BOE) next move ahead of the key UK Retail Sales for December.

GBP/USD

Overview
Today last price	1.36
Today Daily Change	0.0011
Today Daily Change %	0.08
Today daily open	1.3589

Trends
Daily SMA20	1.3561
Daily SMA50	1.3416
Daily SMA100	1.3546
Daily SMA200	1.3734

Levels
Previous Daily High	1.3662
Previous Daily Low	1.3587
Previous Weekly High	1.3749
Previous Weekly Low	1.3532
Previous Monthly High	1.355
Previous Monthly Low	1.3161
Daily Fibonacci 38.2%	1.3616
Daily Fibonacci 61.8%	1.3633
Daily Pivot Point S1	1.3563
Daily Pivot Point S2	1.3538
Daily Pivot Point S3	1.3488
Daily Pivot Point R1	1.3638
Daily Pivot Point R2	1.3687
Daily Pivot Point R3	1.3713

GBP/USD outlook: Sterling bounces on rising expectations for another rate hike as inflation hits

Cable regained traction and bounced on Wednesday, signaling an end of three-day pullback, sparked by a double rejection at 200DMA (1.3733) last week. Pound was boosted by UK CPI data which showed that inflation in Britain continued to rise and hit the highest level in nearly 30 years in December, offsetting policymakers’ general view of transitory process and boosting hopes for another BoE’s rate hike on Feb 3 monetary policy meeting.

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