Pound Sterling Price News and Forecast: GBP/USD pares the biggest daily jump in three months at monthly peak

FXStreet Team FXStreet

GBP/USD Price Analysis: Grinds below 1.2600 within fortnight-old bullish channel

GBP/USD buyers take a breather at the highest level in one month, making rounds to 1.2550 during early Friday morning in Europe. In doing so, the Cable bulls pause after posting the biggest daily gain since early March the previous day.

While the above 50.0 levels of the RSI (14) line could be held responsible for the Pound Sterling’s latest retreat, the bullish MACD signals and a two-week-long rising trend channel keeps the buyers hopeful. Read more...

GBP/USD consolidates its recent gains to multi-week top, holds steady above mid-1.2500s

The GBP/USD pair is seen consolidating the overnight blowout rally to its highest level since May 11 and oscillating in a narrow trading band, just above mid-1.2500s during the Asian session on Friday.

The US Dollar (USD) languishes near a two-week low and continues to be weighed down by the disappointing release of the US Initial Jobless Claims, which in turn, acts as a tailwind for the GBP/USD pair. The US Department of Labor (DOL) reported on Thursday that the number of Americans filing new claims for unemployment benefits rose more than anticipated, to the highest level in more than 1-1/2 years last week. This, in turn, reinforced market expectations that the Federal Reserve (Fed) will pause rate hikes after a two-day policy meeting on June 13-14. This led to the overnight slide in the US Treasury bond yields and undermines the Greenback. Read more...

GBP/USD

Overview
Today last price	1.2558
Today Daily Change	-0.0002
Today Daily Change %	-0.02
Today daily open	1.256

Trends
Daily SMA20	1.2437
Daily SMA50	1.2464
Daily SMA100	1.2307
Daily SMA200	1.2011

Levels
Previous Daily High	1.2561
Previous Daily Low	1.2433
Previous Weekly High	1.2545
Previous Weekly Low	1.2327
Previous Monthly High	1.268
Previous Monthly Low	1.2308
Daily Fibonacci 38.2%	1.2512
Daily Fibonacci 61.8%	1.2482
Daily Pivot Point S1	1.2475
Daily Pivot Point S2	1.239
Daily Pivot Point S3	1.2347
Daily Pivot Point R1	1.2603
Daily Pivot Point R2	1.2646
Daily Pivot Point R3	1.2731

Author

FXStreet Team

FXStreet

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