Pound Sterling Price News and Forecast: GBP/USD keeps the red below 1.2000 mark amid modest USD

FXStreet Team FXStreet

Daily technical and trading outlook – GBP/USD

GBP/USD - 1.2047.. Although cable swung sideways in Asia, price rallied on short covering in sterling following news of UK PM's resignation, price rose to 1.2024 b4 retreating to 1.1949 in NY but later hit session highs of 1.2030.

On the bigger picture, despite cable's brief break of 2016 post-Brexit low of 1.1491 to a near 35-year trough of 1.1412 in mid-Mar 2020 on safe-haven USD's demand following free fall in global stocks, price rallied to 1.3686 on the last trading day of 2020 following a last-minute EU-UK trade deal, then to a near 34-month 1.4241 peak in Feb suggests a major low is made. Having said that, cable's erratic fall to 1.2162 in Dec 2021 n then continued decline this year to a 2-year bottom at 1.1934 in mid-Jun n Tue's break there suggests correction fm 1.1412 is over n may head to 1.1800, 'bullish convergences' on daily indicators should keep price abv 1.1682. Only abv 1.2189 risks stronger gain twd 1.2332. Read more ...

GBP/USD keeps the red below 1.2000 mark amid modest USD uptick post-NFP

The GBP/USD pair struggled to capitalize on its intraday bounce from the 1.1920 region and attracted fresh selling in reaction to mostly upbeat US employment details. The pair was last seen trading around the 1.1985-1.1980 region, down nearly 0.35% during the early North American session.

The intraday US dollar pullback from a two-decade high was quickly bought into after the headline NFP showed that the US economy added 372K jobs in June. This was slightly below the previous month's downwardly revised reading of 384K, though it was well above the 268K anticipated. Adding to this, the Unemployment Rate held steady at 3.6%, as expected, and cemented expectations for a more aggressive policy tightening by the Fed. Read more ...

GBP/USD

Overview
Today last price	1.2032
Today Daily Change	0.0008
Today Daily Change %	0.07
Today daily open	1.2024

Trends
Daily SMA20	1.217
Daily SMA50	1.2353
Daily SMA100	1.274
Daily SMA200	1.3123

Levels
Previous Daily High	1.203
Previous Daily Low	1.1909
Previous Weekly High	1.2332
Previous Weekly Low	1.1976
Previous Monthly High	1.2617
Previous Monthly Low	1.1934
Daily Fibonacci 38.2%	1.1984
Daily Fibonacci 61.8%	1.1955
Daily Pivot Point S1	1.1945
Daily Pivot Point S2	1.1867
Daily Pivot Point S3	1.1824
Daily Pivot Point R1	1.2066
Daily Pivot Point R2	1.2108
Daily Pivot Point R3	1.2187

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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