Pound Sterling Price News and Forecast: GBP/USD hovers above 1.2150 major level

FXStreet Team FXStreet

GBP/USD Forecast: Pound Sterling stays on the back foot as key resistance holds

GBP/USD lost its traction and erased its daily gains after rising toward 1.2200 in the early European morning. In the absence of high-impact macroeconomic data releases, the cautious market mood is likely to weigh on the pair.

The table below shows the percentage change of Pound Sterling (GBP) against listed major currencies today. Pound Sterling was the weakest against the Euro. Investors continue to stay away from risk-sensitive assets as geopolitical tensions remain high, with Israel preparing for a ground assault. Read more...

GBP/USD hovers above 1.2150 major level, focus on UK employment, PMI data

GBP/USD struggles to continue the winning streak. trading around 1.2160 during the Asian session on Monday. However, the currency pair encountered a hurdle following the release of downbeat United Kingdom (UK) Retail Sales data for September on Friday. The Pound Sterling (GBP) managed to recover its losses against the weaker US Dollar (USD).

Monthly Retail Sales revealed a 0.9% decline, in contrast to the expected 0.1% decrease, following a modest 0.4% rise in August. On an annual basis, sales contracted by 1.0%, defying market predictions of a stagnant performance. Read more...

Pound Sterling consolidates ahead of UK labor market data

The Pound Sterling (GBP) struggles to find a direction as investors await for UK Employment data, which will be published on Tuesday. The GBP/USD pair outlook remains vulnerable as economists expect employment levels to decrease again in the three months to August, in a sign that firms are cutting back on their workforces due to a dismal demand outlook.

Higher interest rates by the Bank of England (BoE) and stubborn price pressures have squeezed households’ real income significantly, weighing on demand. Deepening Israel-Palestine tensions add to uncertainty and have the potential to cause higher energy prices, adding to inflation pressures. In this context, investors see the BoE keeping interest rates unchanged for the second straight time in November. Read more...

GBP/USD

Overview
Today last price	1.2149
Today Daily Change	-0.0016
Today Daily Change %	-0.13
Today daily open	1.2165

Trends
Daily SMA20	1.2182
Daily SMA50	1.2409
Daily SMA100	1.2587
Daily SMA200	1.2444

Levels
Previous Daily High	1.217
Previous Daily Low	1.2094
Previous Weekly High	1.222
Previous Weekly Low	1.209
Previous Monthly High	1.2713
Previous Monthly Low	1.2111
Daily Fibonacci 38.2%	1.2141
Daily Fibonacci 61.8%	1.2123
Daily Pivot Point S1	1.2115
Daily Pivot Point S2	1.2066
Daily Pivot Point S3	1.2038
Daily Pivot Point R1	1.2192
Daily Pivot Point R2	1.222
Daily Pivot Point R3	1.2269

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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