Pound Sterling Price News and Forecast: GBP/USD moves away from a multi-month low set on Thursday

FXStreet Team FXStreet

GBP/USD sticks to modest recovery gains around 1.2420-25 area, not out of the woods yet

The GBP/USD pair shows some resilience below the 1.2400 mark for the second successive day and attracts some buyers during the Asian session on Friday. Spot prices have now reversed a part of the previous day's fall to over a three-month low and currently trade around the 1.2420-1.2425 region, up 0.10% for the day, though any meaningful recovery still seems elusive.

The US Dollar (USD) bulls opt to take some profits off the table after the recent rally to the highest level since March 9, which, in turn, is seen as a key factor lending some support to the GBP/USD pair. Against the backdrop of the optimism over more stimulus from China, the mostly upbeat Chinese macro data boosts investors' confidence and prompts some selling around the safe-haven Greenback. Apart from this, a modest downtick in the US Treasury bond yields further undermines the buck, though expectations that the Federal Reserve (Fed) will stick to its hawkish stance should limit any meaningful downside. Read more...

GBP/USD treads waters above 1.2400, focus on US Consumer Sentiment Index

GBP/USD struggles to snap the previous day’s loss, hovering around 1.2410 during the early trading hours of the Asian session on Friday. The pair is experiencing downward pressure after the better-than-expected economic figures from the United States (US).

On Thursday, the Core Producer Price Index (PPI) for August increased by 2.2% as expected, and below the previous rate of a 2.4% hike. Retail Sales improved to 0.6% against the previous month's 0.5% readings and the market consensus of slowdown to 0.2%. Read more...

GBP/USD

Overview
Today last price	1.2424
Today Daily Change	0.0015
Today Daily Change %	0.12
Today daily open	1.2409

Trends
Daily SMA20	1.2595
Daily SMA50	1.2742
Daily SMA100	1.2655
Daily SMA200	1.2432

Levels
Previous Daily High	1.2506
Previous Daily Low	1.2397
Previous Weekly High	1.2643
Previous Weekly Low	1.2446
Previous Monthly High	1.2841
Previous Monthly Low	1.2548
Daily Fibonacci 38.2%	1.2438
Daily Fibonacci 61.8%	1.2464
Daily Pivot Point S1	1.2368
Daily Pivot Point S2	1.2328
Daily Pivot Point S3	1.2259
Daily Pivot Point R1	1.2478
Daily Pivot Point R2	1.2547
Daily Pivot Point R3	1.2587

Author

FXStreet Team

FXStreet

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