Pound Sterling Price News and Forecast: GBP/USD plummets to three-week low

FXStreet Team FXStreet

GBP/USD Forecast: Sellers to retain control below 1.2500

GBP/USD has extended its slide mid-week and touched its lowest level since late April, near 1.2420. The pair's bearish outlook stays intact in the short term and sellers could continue to dominate the action as long as 1.2500 holds as resistance.

The US Dollar benefited from risk aversion on Tuesday and forced GBP/USD to stay on the back foot. Although latest headlines surrounding the US debt limit negotiations suggest that there could be a deal to raise the debt ceiling by the end of this week, markets remain cautious on Wednesday. Read more ...

GBP/USD plummets to three-week low, eyes 1.2400 amid broad-based USD strength

The GBP/USD pair adds to the previous day's losses and remains under heavy selling pressure for the second successive day on Wednesday. The downward trajectory remains uninterrupted through the first half of the European session and drags spot prices to a three-week low, around the 1.2420 region in the last hour.

The British Pound continues to be undermined by rather unimpressive UK monthly jobs data released on Tuesday, which fueled speculations that fewer rate increases by the Bank of England (BoE) will be needed in the coming months to bring down inflation. This, along with some follow-through US Dollar (USD) buying, aggravates the bearish pressure surrounding the GBP/USD pair and contributes to the steep intraday decline. Read more ...

GBP/USD

Overview
Today last price	1.2456
Today Daily Change	-0.0033
Today Daily Change %	-0.26
Today daily open	1.2489

Trends
Daily SMA20	1.2516
Daily SMA50	1.238
Daily SMA100	1.2258
Daily SMA200	1.1965

Levels
Previous Daily High	1.2547
Previous Daily Low	1.2465
Previous Weekly High	1.268
Previous Weekly Low	1.244
Previous Monthly High	1.2584
Previous Monthly Low	1.2275
Daily Fibonacci 38.2%	1.2496
Daily Fibonacci 61.8%	1.2516
Daily Pivot Point S1	1.2454
Daily Pivot Point S2	1.2419
Daily Pivot Point S3	1.2373
Daily Pivot Point R1	1.2535
Daily Pivot Point R2	1.2582
Daily Pivot Point R3	1.2617

Author

FXStreet Team

FXStreet

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