Pound Sterling Price News and Forecast: GBP/USD lacks any follow-through buying and oscillates in a range

FXStreet Team FXStreet

GBP/USD Price Analysis: Consolidates near 1.2800 ahead of UK GDP, bulls have the upper hand

The GBP/USD pair struggles to capitalize on the previous day's late rebound from levels below mid-1.2700s, or the weekly low and oscillates in a narrow trading band during the Asian session on Wednesday. Spot prices currently trade just below the 1.2800 mark, unchanged for the day as traders opt to wait on the sidelines ahead of important macro releases from the UK, including the monthly GDP print.

In the meantime, bets that the Federal Reserve (Fed) will start cutting interest rates in June, despite the warmer US consumer inflation, along with a generally positive risk tone, keep the US Dollar (USD) bulls on the defensive. Adding to this, expectations that the Bank of England (BoE) might keep interest rates higher for longer underpin the British Pound (GBP) and lend some support to the GBP/USD pair. Read more...

GBP/USD struggles to gain ground above the 1.2800 mark, UK GDP data eyed

The GBP/USD pair holds below the 1.2800 psychological barrier during the early Asian trading hours on Wednesday. The firmer US Dollar (USD) after the US February CPI inflation data drags the major pair lower. Investor. Investors await the UK GDP growth number for January, which is forecast to grow by 0.2% MoM. GBP/USD currently trades around 1.2795, adding 0.02% on the day.

US inflation, as measured by the Consumer Price Index (CPI), rose 0.4% MoM and 3.2% YoY in February, the Bureau of Labor Statistics revealed on Tuesday. The monthly CPI figure was in line with expectations, while the annual figure was above the market consensus of 3.1%. The Core CPI, excluding volatile food and energy prices, climbed 0.4% MoM and 3.8% YoY, beating the estimation. Read more...

Pound Sterling’s current strength unjustified – Commerzbank

The Pound Sterling (GBP) has emerged as one of the year's top two performers among the major currencies in recent weeks. Economists at Commerzbank analyze GBP outlook. Read more...

GBP/USD

Overview
Today last price	1.2794
Today Daily Change	0.0001
Today Daily Change %	0.01
Today daily open	1.2793

Trends
Daily SMA20	1.2683
Daily SMA50	1.2682
Daily SMA100	1.2595
Daily SMA200	1.2589

Levels
Previous Daily High	1.2824
Previous Daily Low	1.2746
Previous Weekly High	1.2894
Previous Weekly Low	1.2652
Previous Monthly High	1.2773
Previous Monthly Low	1.2518
Daily Fibonacci 38.2%	1.2776
Daily Fibonacci 61.8%	1.2794
Daily Pivot Point S1	1.2751
Daily Pivot Point S2	1.271
Daily Pivot Point S3	1.2674
Daily Pivot Point R1	1.2829
Daily Pivot Point R2	1.2865
Daily Pivot Point R3	1.2906

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FXStreet Team

FXStreet

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