Pound Sterling Price News and Forecast: GBP/USD pares biggest daily loss in over a week

FXStreet Team FXStreet

GBP/USD Price Analysis: Bounces off immediate support line towards 1.2100

GBP/USD renews its intraday high near 1.2060 as it consolidates the biggest daily loss in more than a during early Thursday. In doing so, the Cable pair rebounds from a one-week-long ascending trend amid hidden bullish RSI divergence.

That said, the RSI (14) prints lower lows but the GBP/USD price prints higher lows, which in turn portrays a hidden bullish divergence and favors the quote’s latest bounce off the short-term key support line. Read more...

GBP/USD builds a cushion around 1.2040, volatility looks persistent ahead of US GDP

The GBP/USD pair has sensed a pause in the downside momentum after dropping to near 1.2040 in the early Asian session. It would be early to consider a loss in the downside momentum for the Cable as higher volatility might stay ahead of the release of the preliminary United States Gross Domestic Product (GDP) data for the fourth quarter of CY2022. The annualized economic data is seen stable at 2.9%

The Cable witnessed an intense sell-off in the late New York session after the release of the hawkish Federal Open Market Committee (FOMC) minutes. Federal Reserve (Fed) chair Jerome Powell and his mates are still reiterating higher interest rates for a longer period to drag the Consumer Price Index (CPI) to near 2% target. Read more...

GBP/USD

Overview
Today last price	1.2056
Today Daily Change	0.0013
Today Daily Change %	0.11
Today daily open	1.2043

Trends
Daily SMA20	1.2151
Daily SMA50	1.2156
Daily SMA100	1.1923
Daily SMA200	1.1935

Levels
Previous Daily High	1.2135
Previous Daily Low	1.2035
Previous Weekly High	1.227
Previous Weekly Low	1.1915
Previous Monthly High	1.2448
Previous Monthly Low	1.1841
Daily Fibonacci 38.2%	1.2073
Daily Fibonacci 61.8%	1.2097
Daily Pivot Point S1	1.2007
Daily Pivot Point S2	1.197
Daily Pivot Point S3	1.1906
Daily Pivot Point R1	1.2108
Daily Pivot Point R2	1.2172
Daily Pivot Point R3	1.2209

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.

GBP/USD turns negative; slips back to 1.3530

GBP/USD comes under pressure and weakens toward the 1.3530 zone on Tuesday. Cable thus leaves behind two daily upticks in a row and retreats further from Monday’s multi-week tops past 1.3570 following humble gains in the Greenback and disheartening UK jobs data.

EUR/USD comes under pressure near 1.1570

EUR/USD could not sustain the earlier bullish attempt toward the proximity of 1.1600 the figure, coming under fresh downside pressure and revisiting the 1.1580-1.1570 band as the NA session draws to a close on Tuesday. The better tone in the US Dollar in the latter part of the day weighs on the pair amid steady volatility in the Middle East. Looking forward, the release of the FOMC Minutes takes centre stage on Wednesday.

Gold remains offered around $4,350

Gold accelerates its daily correction and revisits the $4,350 zone per troy ounce on Tuesday. The precious metal sets aside two daily advances in a row and follows the absence of direction in the US Dollar, declining US Treasury yields across the curve and continuous uncertainty in the Middle East crisis.

HYPE extends gains as Hyperliquid urges SEC action on pre-IPO futures framework

Hyperliquid (HYPE) retains a broad bullish outlook, trading above $59.00 on Tuesday. The decentralized exchange (DEX) native token marks the second consecutive day of gains as bulls return, eyeing a short-term breakout above $60.00.

Fiscal concerns and doubts on Fed independence send US yields to long-term highs

US Treasury yields keep rising across the curve this week, with the yield for the 30-year Treasury bond reaching its highest level since 2007, during the global financial crisis, at 5.33% so far on Monday. A mix of concerns about the ballooning US fiscal deficit and growing doubts about the Federal Reserve’s Independence are increasing pressure on US Government Bonds.

Why is Crude Oil priced for a reopening the ships haven't made?

Fourteen vessels crossed the Strait of Hormuz on Tuesday. Before the war, the count ran near 120 a day. In the sessions since the waterway was publicly declared open, Brent has drifted back to $87 and West Texas Intermediate (WTI) to $81, both a little lower again on Wednesday, with daily momentum on each unwound from the top of its range in late July to the low twenties now.