Pound Sterling Price News and Forecast: GBP/USD is meeting a 78.6% Fibonacci level

FXStreet Team FXStreet

GBP/USD Price Analysis: Bulls about to show their commitments

The GBP/USD price has fallen into a key territory where demand might be expected.

The M-formation is a reversion pattern that tends to see the price drawn to the neckline. The price is also meeting a 78.6% Fibonacci level of the prior bullish impulse which may see a deceleration in the downside for the hours ahead. Resistance at the neckline near 1.2175 could see a rejection and a subsequent downside continuation to fully test the bull´s commitments in the 1.21s. Read more...

GBP/USD grinds near one-month high below 1.2200 ahead of UK employment, US CPI

GBP/USD prods a four-day winning streak near 1.2180, after poking the highest level in a month to 1.2199 the previous day. In doing so, the Cable pair takes a breather ahead of the key statistics from the UK and the US. Apart from the pre-data anxiety, mixed concerns surrounding UK politics and Brexit also probe the momentum traders of the pair, after witnessing the biggest daily jump in nine weeks.

That said, the quote’s previous losses could be linked to the broad-based US Dollar slump. US Dollar Index (DXY) began the week’s trading on a back foot, printing a three-day south-run while declining the most in two months on Monday. With this, the greenback’s gauge versus the six major currencies traced the US Treasury bond yields as hawkish bets on the Federal Reserve (Fed) reverberate. Read more...

GBP/USD

Overview
Today last price	1.215
Today Daily Change	-0.0033
Today Daily Change %	-0.27
Today daily open	1.2183

Trends
Daily SMA20	1.2016
Daily SMA50	1.2131
Daily SMA100	1.2026
Daily SMA200	1.1899

Levels
Previous Daily High	1.22
Previous Daily Low	1.2032
Previous Weekly High	1.2114
Previous Weekly Low	1.1803
Previous Monthly High	1.2402
Previous Monthly Low	1.1915
Daily Fibonacci 38.2%	1.2136
Daily Fibonacci 61.8%	1.2096
Daily Pivot Point S1	1.2077
Daily Pivot Point S2	1.197
Daily Pivot Point S3	1.1909
Daily Pivot Point R1	1.2244
Daily Pivot Point R2	1.2306
Daily Pivot Point R3	1.2412

Author

FXStreet Team

FXStreet

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