Pound Sterling Price News and Forecast: GBP/USD is struggling to extend its recovery further

FXStreet Team FXStreet

GBP/USD surrenders gains as US promises expansion of financial support to mid-size banks

The GBP/USD pair has surrendered its morning gains and has slipped to near 1.2230 in the Asian session. The Cable witnessed the heat after failing to climb above the immediate resistance of 1.2250 as the US Dollar Index (DXY) has shown some recovery after a gradual correction.

The USD Index has attempted a recovery move from 103.00 as the promise of providing more financial support to mid-size banks by the United States administration has infused confidence among market participants. Bloomberg reported that US authorities are considering an expansion of the emergency lending facility that would offer banks more support, and will provide the First Republic Bank more time to shore up its balance sheet. Read more...

GBP/USD bulls poke 1.2250 with eyes on BoE’s Bailey, Fed’s preferred inflation gauge

GBP/USD begins the week on a positive footing, renewing its intraday high near 1.2250 while extending the previous two-week uptrend, as fears of US recession join positive headlines from the UK. However, the cautious mood ahead of this week’s key data/events seems to test the Cable pair buyers.

That said, the quote managed to cheer the Bank of England’s (BoE) 0.50% rate hike with mostly positive economics, as well as the downbeat US Treasury bond yields. However, Friday’s risk-negative headlines tested the GBP/USD buyers before the latest run-up, backed by the weekend news. Read more...

GBP/USD

Overview
Today last price	1.2235
Today Daily Change	0.0002
Today Daily Change %	0.02
Today daily open	1.2233

Trends
Daily SMA20	1.2085
Daily SMA50	1.2148
Daily SMA100	1.2093
Daily SMA200	1.1893

Levels
Previous Daily High	1.2292
Previous Daily Low	1.2191
Previous Weekly High	1.2344
Previous Weekly Low	1.2167
Previous Monthly High	1.2402
Previous Monthly Low	1.1915
Daily Fibonacci 38.2%	1.223
Daily Fibonacci 61.8%	1.2253
Daily Pivot Point S1	1.2185
Daily Pivot Point S2	1.2137
Daily Pivot Point S3	1.2083
Daily Pivot Point R1	1.2287
Daily Pivot Point R2	1.234
Daily Pivot Point R3	1.2388

Author

FXStreet Team

FXStreet

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