Pound Sterling Price News and Forecast: GBP/USD – Needs acceptance above 1.2500 for a fresh rally

FXStreet Team FXStreet

GBP/USD Forecast: Buyers hesitate ahead of key US data

GBP/USD has retreated below 1.2500 early Thursday after having climbed a few pips above that level in the early American session on Wednesday. Buyers seem to have moved to the sidelines ahead of the highly-anticipated growth data from the US but the technical outlook suggests that the bullish bias stays intact in the near term.

The risk perception continued to drive the US Dollar's valuation mid-week. After the Nasdaq Composite Index opened with a gain of more than 1% on Wednesday, the US Dollar Index (DXY) fell sharply and allowed GBP/USD to test 1.2500. As the Dow Jones Industrial Average and the S&P 500 failed to hold in positive territory later in the session, however, the DXY managed to erase a portion of its daily losses. Read more ...

GBP/USD Price Analysis: Needs acceptance above 1.2500 for a fresh rally

The GBP/USD pair has delivered a breakout of the consolidation formed in a range of 1.2453-1.2477 in the early London session. The Cable has rebounded firmly amid further correction by the US Dollar Index (DXY).

S&P500 futures have added significant gains in the Asian session as investors are ignoring fears of US banking and are cheering upbeat quarterly results from United States technology companies. Market mood is improving as the Federal Reserve (Fed) is expected to sound neutral on interest rate guidance after an interest rate hike of 25 basis points (bps). Read more ...

GBP/USD remains confined in a range, holds above mid-1.2400s ahead of US GDP

The GBP/USD pair struggles to gain any meaningful traction on Thursday and oscillates in a narrow trading band through the first half of the European session. The pair is currently placed just above mid-1.2400s, nearly unchanged for the day, though the downside seems cushioned amid subdued US Dollar (USD) price action.

The uncertainty over the Federal Reserve's rate-hike path, along with a slight recovery in the global risk sentiment, fail to assist the safe-haven buck to capitalize on the overnight bounce from a nearly two-week low and lend support to the GBP/USD pair. Fresh concerns about banking contagion risks in the United States (US), along with the debt ceiling standoff and looming recession fears, have been fueling speculations about an imminent rate cut by the Fed later this year. Read more ...

GBP/USD

Overview
Today last price	1.247
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	1.247

Trends
Daily SMA20	1.2434
Daily SMA50	1.223
Daily SMA100	1.2206
Daily SMA200	1.1934

Levels
Previous Daily High	1.2516
Previous Daily Low	1.2403
Previous Weekly High	1.2474
Previous Weekly Low	1.2354
Previous Monthly High	1.2424
Previous Monthly Low	1.1803
Daily Fibonacci 38.2%	1.2472
Daily Fibonacci 61.8%	1.2446
Daily Pivot Point S1	1.241
Daily Pivot Point S2	1.235
Daily Pivot Point S3	1.2297
Daily Pivot Point R1	1.2522
Daily Pivot Point R2	1.2575
Daily Pivot Point R3	1.2635

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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