Pound Sterling Price News and Forecast: GBP/USD pares intraday losses to weekly low

FXStreet Team FXStreet

GBP/USD Forecast: Bears look to dominate after UK inflation data

GBP/USD has met fresh bearish pressure early Wednesday and declined below 1.2200. The risk-averse market environment and soft inflation data from the UK weigh on the pair mid-week and the technical outlook suggests that additional losses are likely in the short term.

The UK's Office for National Statistics (ONS) showed on Wednesday that the annual inflation in the UK, as measured by the Consumer Price Index (CPI), edged higher to 9.1% in May as expected. On a positive note, the Core CPI, which excludes volatile food and energy prices, declined to 5.9% on a yearly basis from 6.2% in April. Read more...

GBP/USD pares intraday losses to weekly low, keeps the red ahead of Powell’s testimony

The GBP/USD pair refreshed its weekly low during the early part of the European session, albeit managing to find some support ahead of mid-1.2100s and recovering a few pips thereafter. The pair was last seen trading around the 1.2225-1.2230 region, still down nearly 0.40% for the day.

The US dollar regained positive traction amid growing market acceptance that the Fed would stick to its policy tightening path and raise interest rates at a faster pace to curb soaring inflation. In fact, the markets have been pricing in another 75 bps rate hike at the next FOMC meeting in July. This, along with a fresh wave of the global risk-aversion trade, boosted the safe-haven USD and exerted downward pressure on the GBP/USD pair. Read more...

GBP/USD set to suffer an eventual fall to 1.1500/1.1409 – Credit Suisse

GBP/USD has been unable to sustain its break below the 78.6% retracement of the entire 2020/2021 uptrend at 1.2017. However, strength stays seen as corrective ahead of an eventual fall to 1.1500/1.1409, in the view of analysts at Credit Suisse.

“GBP/USD has been unable to sustain its break below the 78.6% retracement of the entire 2020/2021 uptrend at 1.2017 but with GBP holding a top in Trade Weighted Terms and with the USD also expected to stay strong strength stays seen as corrective and temporary.” Read more...

GBP/USD

Overview
Today last price	1.2264
Today Daily Change	-0.0009
Today Daily Change %	-0.07
Today daily open	1.2273

Trends
Daily SMA20	1.2426
Daily SMA50	1.2531
Daily SMA100	1.2911
Daily SMA200	1.3214

Levels
Previous Daily High	1.2324
Previous Daily Low	1.2242
Previous Weekly High	1.2407
Previous Weekly Low	1.1934
Previous Monthly High	1.2667
Previous Monthly Low	1.2155
Daily Fibonacci 38.2%	1.2293
Daily Fibonacci 61.8%	1.2273
Daily Pivot Point S1	1.2235
Daily Pivot Point S2	1.2197
Daily Pivot Point S3	1.2152
Daily Pivot Point R1	1.2317
Daily Pivot Point R2	1.2362
Daily Pivot Point R3	1.24

Author

FXStreet Team

FXStreet

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD stays weak below 1.1700 on firmer US Dollar

EUR/USD remains under moderate selling pressure below 1.1700 in the European session on Monday. The pair weakens amidst resurgent haven demand for the US Dollar, following the US military intervention in Venezuela and the capture of President Nicolas Maduro. EU Sentix data and geopolitics remain in focus.

GBP/USD falls toward 1.3400 near 50-day EMA

GBP/USD extends its losses for the second successive session, trading around 1.3420 during the Asian hours on Monday. The technical analysis of the daily chart indicates that the 14-day Relative Strength Index at 53 has eased from near overbought, indicating that momentum has cooled while remaining above the midline. RSI holds above 50, keeping a modest bullish bias.

Gold on fire at the start of the week on US-Venezuela tensions

Gold regains upside traction early Monday as flight to safety prevails on Venezuela turmoil. The US Dollar finds strong haven demand, caps Gold’s upside as focus shifts to US jobs data. Gold’s daily technical setup suggests that more upside remains in the offing.

Bulls firmly in control as Bitcoin breaks $93K, Ethereum and Ripple extend gains

Bitcoin, Ethereum, and Ripple extended their rallies on Monday, gaining more than 4%, 6%, and 12%, respectively, in the previous week. The top three cryptocurrencies by market capitalization could continue to outperform, with bulls in control of the momentum.

Economic outlook 2026-2027 in advanced countries: Solidity test

After a year marked by global economic resilience and ending on a note of optimism, 2026 looks promising and could be a year of solid economic performance. In our baseline scenario, we expect most of the supportive factors at work in 2025 to continue to play a role in 2026.

Meme Coins Price Prediction: Dogecoin, Shiba Inu, Pepe rally on Venezuela’s shadow BTC reserve

Meme coins such as Dogecoin, Shiba Inu, and Pepe are leading the cryptocurrency market rally driven by the US cross-border operation to capture Venezuelan President Nicolás Maduro. Dogecoin extends its gain for the fifth consecutive day while SHIB and PEPE take a pause.